C&E proposes fees for GuernseyFinance services

Thursday 7th May 2009, 2:30PM BST.

Commerce and Employment minister Deputy Carla McNulty Bauer

CONSULTATION has begun on how much the finance industry should contribute towards the body that promotes the sector.

Commerce and Employment has recommended a flat charge of £75 per full-time equivalent staff member on those businesses regulated and licensed by the Guernsey Financial Services Commission, with a maximum charge per company of £7,500 in the first year.

This would raise £380,000 in 2009 for GuernseyFinance.

It follows a States decision in March that the sector should help with costs.

GuernseyFinance’s budget for 2009 was upped to £1.145m. following a Commerce and Employment board decision to increase its funding by £245,000 earlier in the year in light of the current economic climate.

In its consultation document it warns that the budget will need to rise further.

‘If GuernseyFinance is to be effective and able to promote the island in the international stage in an increasingly competitive market it is highly likely that its annual costs will need to be increased. Should this occur, both the States and industry would need to increase their contributions to GuernseyFinance.’

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1
Stephen John

May 7, 2009 at 3:08 pm

Anyone know whether the accounts of Guernsey Finance are published for general consumption. After all we mugs (taxpayers) finance them.

What do they spend the money on?

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2
MJA

May 7, 2009 at 5:53 pm

GuernseyFinance’s budget for 2009 upped to £1.145m and yet the Chief Minister travels on official business in economy? What on earth is going on?

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3
My View

May 9, 2009 at 9:13 am

Stephen

I am with you, I have looked at their website but was unable to locate their accounts. Should they not be accountable to the public/taxpayer when they receive States Revenue?

I suppose it is wrong to think that lots of the funds are spent on travel to China. Anyone know how many visits there have been to China in the past 12 months.

Not long ago Sir Digby Jones in an IOD talk in Guernsey said that we should be highlighting to the UK politicians that we are not a tax haven. Perhaps some visits to promote GUernsey closer to home would be money better spent!

Just some discussion points

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