The 2011 Fiduciary Annual Return forms will shortly be available to download from the Guernsey Financial Services Commission’s website. Please note that there have been changes to the forms for full and personal fiduciary licensees for this year.
One of the key recommendations contained in the Financial System Stability Assessment Update, issued by the IMF following their visit last year, is that the Commission should collect and publish statistics on assets held by trusts and companies serviced by the Guernsey fiduciary sector to enable it to understand the sector more fully.
Shortly after The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000 was enacted a composite figure for all assets under management was requested in the Annual Return. This requirement was removed after a number of years, partly due to the difficulty in collecting such data and the variable reliability that could be attributed to it once collected.
The Commission would now like to collect data, as part of the annual return, on assets under trusteeship. The Guernsey Association of Trustees has been approached to draft a Guidance Note which will be available when the Annual Return form is published and which we hope will help us to achieve a result that meets the IMF’s recommendation in a way that is not only meaningful but also pragmatic. As a result, licensees are being requested to provide statistics on assets held under the following categories:
Liquid or near liquid assets held with institutions in GuernseyOther diverse assets
Last June, licensed fiduciaries were asked to provide statistics on non-profit organisations and partnerships in a supplementary return. Data on this now forms part of the Annual Return form.
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