Familiarisation

Before completing an application form it is worth familiarising yourself with the minimum criteria for licensing which are set out under schedule 1 to The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000.  In addition you should be aware of the various Rules and Codes of Practice which have been made by the Commission.

The application form

The first step in the application process is to complete one of the following application forms:

• An application for a personal fiduciary licence;

• An application by a single company for a full fiduciary licence;

• An application by a single partnership for a full fiduciary licence; or

• An application by more than one partnership or company for a full fiduciary licence.  Where such a joint application is made, the applicants must nominate one of their number as the lead applicant, and the Commission will communicate with that applicant about the application.

It is important to complete all sections of the application fully and provide the following additional information as consideration of your application may otherwise be delayed:

Applicants for a personal fiduciary licence

• A budgeted profit and loss account for the year following the proposed date of commencement of regulated activities;

• A copy of your procedures for complying with Guernsey’s anti-money laundering/countering the financing of terrorism regime; and

• A copy of your procedures for the maintenance of records.

 Applicants for a full fiduciary licence

• A form PQ/PD in respect of each natural person who is a beneficial owner, controller, partner, director, company secretary, Money Laundering Reporting Officer, Compliance Officer or manager of the applicant(s);

• A copy of the draft management agreement if a licensed fiduciary is to manage the applicant(s);

• A 3-year business plan;

• A group structure diagram (where the applicant is part of a group);

• A staff ‘organogram’;

• A copy of the applicant’s most recent audited financial statements or a budgeted profit and loss account and balance sheet;

• A copy of the loan agreement (for any subordinated loan);

• A copy of the auditor’s acceptance to act as auditor of the applicant(s);

• A copy of the insurance policy where cover against liabilities incurred in carrying on regulated activities is under a group policy;

• A copy of the applicant’s procedures for complying with Guernsey’s anti-money laundering/countering the financing of terrorism regime;

• A copy of the applicant’s operating procedures;

• A summary of the applicant’s plans, procedures and/or agreements for succession and disaster recovery/business continuity

The Director of Fiduciary Services
Guernsey Financial Services Commission
P O Box 128
Glategny Court
Glategny Esplanade
St Peter Port
Guernsey
GY1 3HQ

How the Fiduciary Services Division (“the Division”) manages the application process

Every application received by the Division is normally allocated to an Analyst or Senior Analyst, who will be your point of contact during the application process and on a day to day basis should a licence be granted.

The Analyst or Senior Analyst will consider the application with colleagues as soon as possible.  A decision will be delayed if questions on the application form have not been answered or if information has not been provided.

Background checks

Commission staff will conduct background checks, including contacting the home regulator of entities and individuals not known to the Commission.  Applicants should be aware that the speed at which these checks progress is mainly determined by the overseas regulators with whom the Commission corresponds.  The provision of full information by the applicant at the outset will enable the Commission to commence its due diligence enquiries promptly.