Guernsey Financial Services Commission Feedback on the 2022 Fees Consultation

Guernsey Financial Services Commission Feedback on the Commission’s Consultation Paper on 2022 Fees Issued 12th November 2021

2 Contents Background.............................................................................................................................................3 Overall Increase in Fees..........................................................................................................................4 What was the general message in the feedback? ................................................................................4 What is the Commission going to do next? ........................................................................................4 Specific feedback................................................................................................................................5 Investment Sector Fee Restructuring ......................................................................................................8 What was the general message in the feedback? ................................................................................8 What is the Commission going to do next? ........................................................................................8 Specific feedback................................................................................................................................8 Revision of Laws....................................................................................................................................9 What was the general message in the feedback? ................................................................................9 What is the Commission going to do next? ........................................................................................9 Specific feedback................................................................................................................................9 Pension Scheme Fees............................................................................................................................11 What was the general message in the feedback? ..............................................................................11 What is the Commission going to do next? ......................................................................................11 Specific feedback..............................................................................................................................11 Future considerations............................................................................................................................12 What was the general message in the feedback? ..............................................................................12 What is the Commission going to do next? ......................................................................................12 Appendix I ............................................................................................................................................13

3 Background On the 16th July 2021 the Commission published a consultation paper on its 2022 fees, issued under: • The Protection of Investors (Bailiwick of Guernsey) Law, 2020; • The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020; • The Banking Supervision (Bailiwick of Guernsey) Law, 2020; • The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020; • The Limited Liability Partnerships (Guernsey) Law, 2013; • The Companies (Guernsey) Law, 2008; • The Registration of Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008; • The Insurance Business (Bailiwick of Guernsey) Law, 2002; • The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002; • The Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 as amended; and • The Limited Partnership (Guernsey) Law, 1995. The Consultation period ran for 8 weeks until 10th September 2021. There was a higher level of response to this fee consultation, which saw 24 responses, compared to our standard consultations. This included licensees from all sectors and three industry bodies. The 2022 fee consultation focused on four main proposals: • An overall fee increase of 10.1% for all sectors; • A restructuring of fees for the investment sector; • Changes to fees arising from the update to relevant sector laws following the Revision of Laws project; and • Creating a cap for pension scheme fees. The original fees consultation document can be found on our Consultation Hub. Consultation Hub – 2022 Fees Consultation

4 Overall Increase in Fees What was the general message in the feedback? All respondents provided views on the question “Do you have any comments on the overall fee increase?”, however there were less frequent comments on the other questions within the fee consultation as these were not relevan