Under The Regulation of Fiduciaries (Fiduciary Advertisements and Annual Returns) Regulations, 2012 persons holding a fiduciary licence are required to complete an annual return each year. An Annual Return covers the period from 1 July to 30 June. There are separate forms for the holders of personal fiduciary licences and full fiduciary licences.
The 2012 Fiduciary Annual Return forms are available below together with Guidance Notes on how to complete the annual return form:
Annual Return for a Holder of a Full Fiduciary Licence (including a licence granted to more than one company/partnership jointly)
Annual Return for a Holder of a Personal Fiduciary Licence
Guidance Notes on the Completion of Fiduciary Annual Returns
A number of changes are proposed which will provide the Commission with real time information on the fiduciary sector. These changes are:-
To bring the collection of statistics on assets under trusteeship within the Annual Return for this year.
The asset classes that licensed fiduciaries will be asked to report on will not be changing from last year. However instead of providing figures in the aggregate for each asset class, licensed fiduciaries will be asked to breakdown these figures by value for each asset class held in trusts and underlying companies, pension and other schemes*, and companies held outside trust structures and foundations.
Additional information regarding licensed fiduciaries' source of business and current operations.
The Commission intends to enhance the information it collects in the Return to include information on the geographic source of existing and new business, and the split between private client and institutional work.
Licensed fiduciaries will be asked to provide current ownership structure charts, staff organograms, a short summary of current business and figures on complaints and PI notifications.
Information gathered through the Annual Return will assist the Commission in its supervision of the sector and in the identification of emerging trends.
Please do not complete any previous versions of the Annual Return form as these will be rejected.
In accordance with The Financial Services Commission (Administrative Financial Penalties) (Bailiwick of Guernsey) Regulations, 2010, any 2012 Annual Return submitted after 31 July 2012 will incur a financial penalty.