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GFSC chairman wants cap on fee increases for three years

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CAPPED fee increases for regulated finance businesses over the next three years are being proposed by the chairman of the Guernsey Financial Services Commission.

CAPPED fee increases for regulated finance businesses over the next three years are being proposed by the chairman of the Guernsey Financial Services Commission.

In a wide-ranging in-depth interview with the Guernsey Press, Cees Schrauwers also committed to developing a more-approachable GFSC and to improving corporate governance at the commission.

Mr Schrauwers, pictured, marks a year in post at the GFSC at the beginning of February. In those 12 months he has been keen to meet industry players personally on his visits to the island and to find out how his organisation is really viewed.

He admitted, as he had done at the commission's annual industry presentation in November, that he was a little surprised at the negative industry reaction to a 2% hike in fees proposed last October, which, following a consultation process, the commission confirmed at the end of 2012.

It did, however, knock back proposals for a significant percentage rise in fees for insurance cells following an outcry from the sector.

Mr Schrauwers said the commissioners had now agreed that they would not be seeking a fee increase of more than 2% each year over the next three years.

  • Read the full interview with Mr Schrauwers in the business section of today's Guernsey Press

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