Commerce minister Wayne Panton told Cayman 27 pension fund managers that charge fees for basic Trade and Business License (TBL) paperwork aren’t playing fairly.
Mr. Panton said the inconsistent approach he’s seen among pension administrators is adding to the public perception of red tape surrounding the TBL application process. He said he penned a letter to those that charge, asking for them to stop.
“I don’t think it’s fair because you have an inconsistent approach being taken, some are charging and some are not, and if you compare that to the health insurance providers, as far as I’m aware, they’re not charging any fees for confirmations that the health insurance is in place, so I don’t think it’s fair for some of them to be charging,” said Mr. Panton.
Mr. Panton told Cayman 27 he sees no problems in pension fund managers assessing fees for 24-hour turnarounds and other expedited services.