Guernsey is home to numerous firms providing international pension services within a regime conforming to international regulatory standards.
Guernsey’s supervisory regime for pension schemes, gratuity schemes and their respective providers conforms to international regulatory standards. The sector is home to numerous international and local firms providing international corporate and group services.
Guernsey’s supervisory regime ensures that the formation, management or administration of pension schemes and gratuity schemes, and the provision of advice in relation to the same, is a regulated activity. This was introduced through amendment of the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law 2000 (“the Law”) in 2017.
With the advent of regulation in relation to the formation, management or administration of pension schemes or gratuity schemes and the provision of advice in relation to the same, the current two categories of fiduciary licenses remains unchanged:
- A full fiduciary licence can only be granted to a company or a partnership.
- A personal fiduciary licence can only be granted to an individual and authorises the holder to carry on a restricted range of fiduciary activities. Those include acting as a company director, as trustee (but not as a sole trustee), and as executor of a will or administrator of an estate and as a foundation official for foundations.
In order for individuals and entities to be granted a fiduciary licence which will enable them to carry on pension scheme business or gratuity scheme business, they must meet the minimum criteria for licensing set out in Schedule 1 of the Law. This obligation continues on an on-going basis.
Details of current licensed pension scheme and gratuity scheme providers will be available on this website under Regulated Entities.
Approach to Supervision
Under PRISM the Fiduciary Supervision Policy and Innovations Division carries out full risk assessment visits and engagement visits to all licensees with an impact rating of Medium Low, Medium High or High. In addition the Division undertakes prudentially focused thematic work across licensees in all impact categories.
Licensees will be 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 full fiduciary licence within four months of the licensee’s accounting reference date.
- The Pension Scheme and Gratuity Scheme Annual Return must be submitted by the licensee in relation to each Pension Scheme or Gratuity Scheme of which it is carrying on pension scheme business or gratuity scheme business within 3 months of its chosen designated year end.
Persons holding a fiduciary licence are reminded that, under The Financial Service Commission (Administrative Financial Penalties) (Bailiwick of Guernsey) Regulations, 2016, an administrative financial penalty will be payable in respect of any of the above returns which is 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.
Licensees are encouraged to use the Online Submissions Portal when making notifications to the Commission. Examples of notifications include a change of registered name notification, the reporting of a complaint or the surrender of a licence.
Those individuals or entities who have been granted a specific discretionary exemption are requested to 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.
A list of notifications that can be submitted through the Online Submissions Portal can be found here:
Current forms list
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.