Full Fiduciary Licence

New Applicants

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Applicable law

Licences are issued under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000 ("the Law").

Applicants applying to be licensed must read the minimum criteria for licensing set out in Schedule 1 to the Law. 

Applicable applications

  • Full fiduciary licence – single company;
  • Full fiduciary licence – single partnership;
  • Full fiduciary licence – more than one company or partnership.

Specific criteria and principles

The following information is in addition to the guidance found at 'New Applicants'.

Rules and Codes of Practice

Applicants are advised that further relevant Rules and Codes of Practice which have been made by the Commission, which can be accessed from 'Legislation and Guidance' in the Fiduciary Supervision section of our website.

Joint fiduciary licence

The Financial Services Commission (Fees) Regulations allow applications for full fiduciary licensees to be submitted jointly (i.e. joint licence applications) by:

  • companies which are in the same ownership and have common staff, procedures and clients; or
  • any other combination of person or unincorporated bodies permitted by the Commission to make a joint application.

Applicants for a full fiduciary licence for more than one company or partnership; or existing full fiduciary licensees wishing to add a joint fiduciary licensee to their full fiduciary licence, should use the Application Form for more than one company or partnership. Joint applicants must nominate one of the parties as lead applicant. On the application form, applicants should name the full fiduciary licensee as the lead applicant and potential joint licensees as Applicant 2, Applicant 3 and so on. We will communicate with the lead applicant accordingly.

Managed Trust Company

The Commission allows for a full fiduciary licensee to be managed by another licensed fiduciary licensee. Applicants seeking to be managed by a licensed fiduciary must refer to the Managed Trust Company Note.

Application pack

The licence application pack must contain:

Submission of application form and supporting documentation

Application form and supporting documentation: Scan the fully completed application form signed and dated by the relevant officers of the applicant and supporting  documentation, as itemised in the application form, together with an explanatory covering letter scheduling the contents and send electronically to [email protected] .

  • Full fiduciary licence – single company;

Application Form for Company

  • Full fiduciary licence – single partnership;

 

Application Form for Partnership

  • Full fiduciary licence – more than one company or partnership;

 

Application Form for more than one Company or Partnership

Application fee 

The fee is non-refundable - Fees

Beneficial owner evidence

Where an applicant for a full fiduciary licensee is ultimately owned by a trust, prior to licensing, the Commission will require an undertaking from each trustee of the trust that it will not add or exclude any beneficiaries, appoint any co-trustees, retire, or sell transfer distribute or otherwise dispose of any shares in the full fiduciary licensee without the Commission's prior consent. The undertaking must come from a licensed fiduciary, preferably licensed in Guernsey, but if not then licensed in a jurisdiction acceptable to the Commission.

Copies of authorisation or incorporation certificate relating to the beneficial owner of the applicant may be requested.

Personal Questionnaire (“OPQ”) and Online Appointment ("OA")

OPQs and/or OAs must be submitted through the Online PQ Portal for each natural person who is a beneficial owner, controller, partner, director, company secretary, Money Laundering Reporting Officer, Money Laundering Compliance Officer, compliance officer or manager of the applicant(s).

Resources and delegation

The applicant is required to have adequate resources of personnel, policy, procedures, premises and systems to conduct operations including:

  • record-keeping;
  • compliance;
  • anti-money laundering measures;
  • internal control and other systems.

If the applicant proposes to delegate some responsibilities to other service providers, the arrangement must be acceptable to the Commission and demonstrate that the delegate has the necessary capability.

Establishment evidence

Certificate of incorporation and memorandum and articles of association.

Capital

Documentary confirmation that capital has been received and that it meets the relevant financial resources requirement for the licence category.

Additional information

Where the applicant, controller or ultimate holding company is resident in a sensitive jurisdiction, as published by the Commission on its website, further details may be requested. 

Application process

We will assess and review the application pack and inform the applicant, or its professional advisers, of any matters requiring expansion or clarification. Once all queries have been satisfied, the application will be referred to a decision-maker. A formal response will follow decision-making.

Timeframe

Full fiduciary licence

Within 7 calendar days of receipt of the application we will advise if the submission is complete or requires further expansion and clarification. We aim to grant or refuse a licence within 56 calendar days of receipt of a fully completed application pack.

Joint fiduciary licence

Within 7 calendar days of receipt of the application pack we will advise if the submission is complete or requires further expansion and clarification. We aim to grant or refuse a licence within 28 calendar of from receipt of a fully completed application pack.

Application quality

The response time may be advanced or substantially delayed depending on the quality of the application pack.

Written response

We will send a written response detailing any matters that require expansion or clarification to enable the application to be referred to a decision-maker.

Application conclusion

Conditions

Any conditions which may be imposed on the licence will be scheduled in a covering letter. Conditions will have been discussed with applicants in advance.

Annual fee

Upon licensing, the annual licence fee becomes due, which is reduced pro rata in the first year: an invoice will be sent with the licence.