Under The Fiduciary Rules, 2021 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 primary fiduciary licences, which will be available on the Online Submissions Portal from 1 July each year. The deadline for completion of the Annual Return form is 31 August each year.
The following is a summary of the information requested in the Annual Return:
- the name of the primary fiduciary licensee and any secondary fiduciary licensees,
- the number (in actual and full-time equivalent terms) of staff employed by the primary fiduciary licensees and secondary fiduciary licensees that carry on regulated activities and any other activities,
- the activities of the licensed fiduciary,
- the number of companies, trusts, foundations and partnerships to which the licensed fiduciary provides services,
- the licensed fiduciary's estimate of the value of assets under regulated activity,
- a breakdown of the licensed fiduciary's business by geography,
- the names of individuals who, in the performance of their duties to the primary and secondary fiduciary licensees, act as director or other officer of a company or other body, trustee or protector of a trust or partner of any partnership, and how many such appointments each such person holds,
- the number of complaints received by the licensed fiduciary during the Annual Return Period,
- the number of notifications made by the licensed fiduciary to its insurers during the Annual Return Period,
- how many claims were paid by the licensed fiduciary's insurer during the Annual Return Period and the total value of such payments,
- whether the licensed fiduciary has complied with the requirements of The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020, the Fiduciary Rules, 2021 (so far as they apply), and all legislation relating to money laundering with which it has to comply,
- whether the licensed fiduciary is able to meet their liabilities as they fall due at the end of Annual Return Period.
Information gathered through the Annual Return will assist the Commission in its supervision of the sector and in the identification of emerging trends.