The 2012 Fiduciary Annual Return forms will be available from next month to download from the Commission’s website.
A number of changes are proposed which will provide the Commission with real time information on the fiduciary sector. These changes are:-
- To bring the collection of statistics on assets under trusteeship within the Annual Return for this year.
The asset classes that licensed fiduciaries will be asked to report on will not be changing from last year. However instead of providing figures in the aggregate for each asset class, licensed fiduciaries will be asked to breakdown these figures by value for each asset class held in trusts and underlying companies, pension and other schemes*, and companies held outside trust structures and foundations.
- Additional information regarding licensed fiduciaries' source of business and current operations.
The Commission intends to enhance the information it collects in the Return to include information on the geographic source of existing and new business, and the split between private client and institutional work.
Licensed fiduciaries will be asked to provide current ownership structure charts, staff organograms, a short summary of current business and figures on complaints and PI notifications.
Information gathered through the Annual Return will assist the Commission in its supervision of the sector and in the identification of emerging trends.
The Commission has consulted with the Guernsey Association of Trustees and as the changes will require amending The Regulation of Fiduciaries (Fiduciary Advertisements and Annual Returns) Regulations 2001 it is consulting with the Policy Council in Guernsey, the States of Alderney Policy and Finance Committee and the Finance and Commerce Committee of Sark Chief Pleas.
Please do not complete any previous versions of the Annual Return form as these will be rejected.
In accordance with The Financial Services Commission (Administrative Financial Penalties) (Bailiwick of Guernsey) Regulations, 2010, any 2012 Annual Return submitted after 31 July 2012 will incur a financial penalty.