Financial firms could face fee rise

Financial firms in Guernsey could be charged 4.3% more in regulatory fees from 2027 under proposals published by the Guernsey Financial Services Commission (GFSC).

The commission said the increase was in line with inflation and reflected the cost of maintaining effective regulation, including investment in staff, technology and specialist expertise.

The proposals, which are now out for consultation, would apply from 1 January next year if approved.

In a consultation paper, the GFSC said the proposed increase was "in line with Bailiwick inflation" and was intended to ensure it could continue to provide "effective, high-quality regulation".

GFSC said its financial planning reflected "the need to invest in the people, technology and specialist skills required to supervise an increasingly multi-faceted financial services sector".

It said the fees were also designed to support the ambitions of Guernsey's Finance Sector Strategy 2035, to support sustainable growth in the sector.

The increase would help fund work on the strategy, including projects aimed at developing the island's digital finance sector, it added.

GFSC chairman John Aspden said the regulator was seeking to balance maintaining standards with supporting the jurisdiction's competitiveness.

"The commission seeks to deliver effective regulation and to ensure that the Bailiwick remains an attractive jurisdiction in which to do business," he said.

"Our proposed overall increase is aligned with inflation and reflects the costs of maintaining a skilled and effective regulator."

As part of the consultation, the commission is also proposing a one-off 17% rebate on annual fees for the insurance sector following a significant enforcement penalty received in 2026.

The consultation runs until 6 October, with responses invited through the commission's Engagement Hub or by email.

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