Proposes an overall increase in fees of 5.3%, in line with GUE inflation, for all fees.
An increase in the fees for Retail General Insurers to recognize the additional supervisory effort required to mitigate the risks, including reputational, they pose.
Proposes a staged increase in fees until 2026, based on gross written premium.
The creation of a specific authorization fee for an entity that is looking to apply to operate an Investment Exchange, proposes a specific £30,000 application fee.
The new fees are proposed on the basis that GUE GFSC aims, through 2024, to utilize reserves to cover some portion of the additional staff required to meet its ongoing supervisory requirements and to develop its IT infrastructure and online portals.
GUE GFSC is also taking opportunity to rationalize its fee regulations and ensure consistency, across fee types and for common fees or processes such as change in controller or calculation of pro-rata annual fee when a firm is initially licensed.
Consultation End
The closing date for the submission of responses to the consultation is Oct. 4, 2024.
After consideration of feedback received, GUE GFSC will provide a feedback paper, confirming the final fees that will come into force from Jan. 1, 2025.
Dec. 5, 2024 Final Fees Confirmed
On Dec. 5, 2024, GUE GFSC announced that it plans to increase license fees paid by firms by 5.3% from Jan. 1, 2025, as proposed in its consultation of Oct. 2024.
Will also proceed with its other proposals: increase in fees for Retail General Insurers to recognize additional supervisory effort required to mitigate risks; creation of specific authorization fee for entity looking to apply to operate an Investment Exchange.
Along with a rationalization of the fee regulations to ensure clarity and consistency.
