Under The Regulation of Fiduciaries (Annual Return) Regulations, 2017 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, 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 licensed fiduciary and any joint licensees,
- the number (in actual and full-time equivalent terms) of staff employed by the Licensed fiduciary that carry on regulated activities and any other activities,
- the activities of the Licensed fiduciary,
- the number of clients of the Licensed fiduciary, broken down by the regulated activity in respect of which they are clients,
- 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 Licensed fiduciary, act as director or other officer of a company or other body or as trustee or protector of a trust or as 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, 2000, the Codes of Practice (so far as they apply), and all legislation relating to money laundering with which it has to comply,
- whether the Licenced fiduciary is able to meet its liabilities as they fall due at the end of, or where the form so requires, during the 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.