The Guernsey Financial Services Commission has issued a discussion paper in which it asks interested parties for their opinions about enhancements to the regulations it issues in accordance with the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law 2000. There is no deadline for the project.
The paper proposes to revise and consolidate the rules in two ways.
- The strengthening and reframing of Codes of Practice as a single Fiduciary Rulebook, in line with a standard issued by the Group of International Finance Centre Supervisors, of which the commission is a member.
- Revision of the pension rules to consolidate the 'conduct of business' elements of the existing rules in the new single Fiduciary Rulebook, eliminating elements of duplication.
Responses to the discussion paper are sought by 30 April.
A number of necessary related changes are coming to the Fiduciaries Law, including the production of the concept of secondary licensees. There will be new provisions concerning client money, outsourcing, communication to clients including advertisement) and terms of business.
It is envisaged that rules concerning client money should apply to licensed fiduciaries which hold or have control of client money.