Isle Of Man Raises Regulatory Fees
Monday, February 28, 2011
The Financial Supervision Commission has issued a paper publishing the intended regulatory fees for licenceholders and collective investment schemes in 2011/12.
In line with previous years’ increases, the Commission will again increase the fees in line with inflation, which over the previous two-year period was 6.85%. The fees will be rounded up to the nearest GBP50.
According to the Commission, regulatory fee increases take into account the cost of maintaining the island's competitive position; changes in inflation in the period under review; revenue needs from the Treasury; and increases in the Commission's expenditure.
Licence fees are reviewed by the Financial Supervision Commission every two years. The last review and increase was in 2009, when the Commission also increased the fees in line with inflation, which over the previous two-year period had been 11.9%.
The increase applies to all application fees and annual fees, except on payment service providers with annual turnover of less than GBP50,000, which are exempt from requiring a licence; and Class 6 e-money issuers, where the fee is to remain at GBP10,000 in line with the larger payment service providers.