Commission Fees for 2025

The Commission plans to increase licence fees paid by firms from 1 January 2025 by 5.3%.

On 11 September 2024, the Commission issued a consultation paper on the fee rates to apply from 1 January 2025 which contained the following proposals:

• an overall increase in fees of 5.3%;
• an increase in fees for Retail General Insurers to recognise the additional supervisory effort required to mitigate the risks, including reputational, they pose to the Bailiwick;
• the creation of a specific authorisation fee for an entity that is looking to apply to operate an Investment Exchange; and
• a rationalisation of the fee regulations.

The consultation ran for a period of four weeks and closed on 4 October 2024. The Commission’s response to the feedback received as part of the consultation is available on our Consultation Hub.

The Commission’s Chairman, John Aspden, said: “We have carefully considered the feedback received. We understand that the finance industry, like us, has been impacted by higher inflation in recent years, and the challenges to retain existing business as well as bring new business to the island. We need to balance this with the need to retain and attract skilled and experienced staff to maintain good quality, proportionate regulation to international standards within the Bailiwick, whilst also being cognisant of what the recommendations from the 2024 MONEYVAL inspection will require.”

William Mason, Director General, added: “In order to remain a jurisdiction of choice, where people choose to do business, we must continue to invest in our people, and in technology. In 2025, we look forward to launching our new applications and authorisations portal which will revolutionise the applications and authorisations process and make it significantly easier for people to start financial services businesses in the Bailiwick.”