Approach to Supervision
Under PRISM, the Investment, Fiduciary and Pension Division carries out full risk assessment and engagement visits to all licensees with an impact rating of Medium Low, Medium High and High. In addition, the Division undertakes prudentially focused thematic work across licensees in all impact categories.
Online Returns
Licensees are required to submit returns each year using the Online Submissions Portal. The following returns will appear on the timeline, if applicable, when you access the Online Submissions Portal:
- The Annual Return covers the period from 1 July to 30 June and must be submitted by any person who holds a fiduciary licence on 30 June by the deadline date of 31 August.
- The Audited Financial Statements and Statistical Return must be submitted by all persons holding a primary fiduciary licence or a secondary fiduciary licence within four months of the licensee’s accounting reference date.
- Personal fiduciary licensees are required to provide particulars of their financial position(s) with regards to regulated activities as part of the Annual Return. The particulars do not have to take the form of a financial statement. A statement of the income from, and any liabilities relating to, the personal fiduciary licensee’s regulated activities for the accounting period is sufficient.
Persons holding a fiduciary licence are reminded that, under The Financial Services Commission (Administrative Financial Penalties) (Bailiwick of Guernsey) Regulations, 2016, as amended, an administrative financial penalty will be payable in respect of any of the above returns which are filed late.
The Financial Crime Risk Return is used by the Commission to gather important information and statistical data to assist the Commission in identifying and assessing financial crime risks within the Bailiwick of Guernsey's finance industry. It covers the period from 1 July to 30 June and must be submitted by the deadline date of 31 October.
Notifications
Licensees are encouraged to use the Online Submissions Portal when making notifications to the Commission. Examples of notifications include, for example, a change of registered name notification, the reporting of a complaint and the surrender of a licence.
Those entities or individuals who have been granted a specific discretionary exemption must notify the Commission if they no longer require the exemption or if they wish the exemption to be varied. Such notifications can also be made via the Online Submissions Portal.
Where an individual is appointed as or ceases to be a controller, director, partner or manager of a licensee which holds a full fiduciary licence, he or she is required to notify the Commission using the Online PQ Portal.
Appointment of a Skilled Person
The Commission may appoint a Skilled Person to investigate and report directly to the Commission in order to mitigate and manage prudential, conduct or financial crime risks identified for a licensee. Further information about Skilled Persons is available in this Explanatory Note.