The Financial Services Commission (FSC) of Gibraltar published a detailed consultation paper last week setting out its proposals to increase its fees.
The FSC states that their fee increase is a necessary step to ensure it can comply with its role in an increasingly complex sector.
“The FSC has considered the changes within the sectors which are regulated, increased operational costs and EU requirements, all of which have led to greater demands on supervision and regulation,” the Commission said in the consultation paper.
It added, “Fees must therefore be periodically reviewed to ensure financial demands continue to be met, as well as ensuring regulatory objectives are achieved.”
Brett Dale Bridge, the Business Development Manager at Europa Trust Company Ltd, commented on the FSC’s proposed plans saying, “As a licensed fiduciary company we understand and support a reasonable increase in fees. However, the increase must be a sensible measure that can assist with the fight against crime, including money laundering, terrorist financing, criminal organisations and tax evasion, without stifling legitimate business. The expectation is to have sensible regulation, fit for purpose which creates a level playing field in relation to other jurisdictions around the World.”
Mr Bridge added, “Regulation should ensure fair business conduct and give clients’ peace of mind, knowing that their affairs are being managed by suitably regulated company managers and professional trustees”
The increase of fees for the Gibraltar regulator will affect all areas of financial services it regulates.
The full FSC consultation paper may be found here
