The Guernsey Financial Services Commission proposed to increase company fees will from 2013 in order to meet the rising costs of regulating the financial sector.

Currently the cost of Financial Services Commission’s operations is about GBP 12 mln a year.

According to the changes proposed application and annual fees will rise by 2%. By increasing fees by 2% from January 1, 2013, the Commission will provide a surplus of GBP 84,000 during 2013.

The Financial Services Commission supposes that the fee hike would not affect negatively Guernsey’s competitiveness in relation to Jersey and Isle of Man. For instance, while fees in Guernsey's banking sector are typically higher than in Jersey and the Isle of Man, funds are cheaper to set up and maintain in Guernsey than in Jersey.

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