The Financial Services Commission (the “Commission”) has been receiving complaints about levying of excessive fees and other charges, particularly so-called “exit/transfer fees” by IFS Practitioners.
Though fees charged by IFS Practitioners are not expressly regulated by the Commission, the fees charged beyond a certain level may be seen to be excessive and can neither be sustainable nor be conforming to normal financial practice. The fees charged, including excessive exit/ transfer fees, may have a reputational impact on Belize as an international financial services centre. Therefore, the Commission’s intervention is necessary, to ensure that fees do not frustrate the twin objectives of promoting and developing Belize as a centre for the carrying on of international financial services and protecting and enhancing Belize’s reputation as a safe and reputable jurisdiction from which firms of substance and good reputation can conduct business.
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