Regulatory Alerts2018-01-15
GN No 1 of 2018 - Fees and Other Charges Levied by IFS Practitioners
The Financial Services Commission issued this guidance note to address complaints regarding excessive fees, particularly exit and transfer charges, levied by International Financial Services Practitioners. The rule requires practitioners to establish transparent internal fee principles, disclose all charges to clients upfront, and ensure timely business transfers within a 30-day timeframe. Failure to implement these measures or provide certification to the Commission may result in disciplinary action against the firm and its management.
Share