Giba joins regulator fee attack

THE two per cent fee increase being sought from firms by the Guernsey Financial Services Commission does not reflect the real world industry is operating in, its senior figures have claimed.

The umbrella representative body for the industry, the Guernsey International Business Association, is the latest to hit out publicly at the licence fee rises proposed by the GFSC.

It said the increase in fees did not take into consideration the GFSC's withdrawal of a £440,000 annual subsidy to the GTA University Centre – which has effectively exposed a proposal for a 6.8% budget increase.

'Giba is very surprised that at a time of austerity and when attracting new

business to the island is increasingly challenging, the commission would think it appropriate to seek a 6.8% increase in its budget,' said chairman Dominic Wheatley, pictured.