Guernsey trust and fiduciary regulation

Guernsey regulates trust and fiduciary business through published licence categories, and its public register is where the regulator lists its licensees. For a U.S. citizen, the pages establish which fiduciary activities require a Guernsey licence and what information the regulator lists about licensees.

Who regulates fiduciary business

The Guernsey Financial Services Commission regulates fiduciary activities under the Regulation of Fiduciaries, Administration Businesses and Company Directors Law. The Commission says regulated activities may be carried on by way of business in or from the Bailiwick, or by a Bailiwick company, under a Commission-granted licence.

The Commission describes the sector as providing trust and corporate services to private client, corporate and institutional businesses. It says licensees must meet the minimum licensing criteria on an ongoing basis.^[1]

Published licence categories

The Commission publishes three fiduciary licence categories, with different holders and scopes. A primary licence may go to a company, other legal person or partnership and authorizes all regulated fiduciary activities.^[1]

A secondary licence also authorizes all regulated fiduciary activities, but its holder cannot actively trade and provides services to clients of its primary licensee. A personal licence is for an individual and covers a restricted range of activities. These include trustee service, except as sole trustee, company directorship, and executor or estate administrator functions.^[1]

The Commission also says it may grant limited permission for strictly limited regulated fiduciary activities. Limited permission is distinct from the three licence categories.^[1]

How the public register works

The GFSC's Regulated Entities page provides a searchable listing with reference numbers, names and licence information. Register entries show fiduciary descriptions such as Primary Licensee and Secondary Licensee, sometimes alongside other regulated categories. The GFSC states that entities missing from the Regulated Entities listing may be unauthorised, and it provides a way to report a business.^[2]

The listed information does not by itself establish how U.S. rules apply to a person, trust or transaction.^[1]

Applying for a licence

Licences are granted to entities and individuals that meet the minimum criteria set out in Schedule 1 of the Law.

Questions and answers

Which body regulates Guernsey fiduciary business?

The Guernsey Financial Services Commission administers fiduciary licensing under the Regulation of Fiduciaries, Administration Businesses and Company Directors Law.

What fiduciary licence categories does the GFSC publish?

The Commission describes primary, secondary and personal fiduciary licences. It also says it may grant limited permission for strictly limited fiduciary activities.^[1]

Can a personal licensee act as a sole trustee?

A personal fiduciary licence covers acting as trustee, but not as a sole trustee. The licence is limited to an individual and a restricted range of activities.^[1]

What information appears in the public register?

The Regulated Entities listing displays GFSC reference numbers, entity names and licence information, with search filters. The listing includes primary and secondary licensee descriptions.^[2]

What licensing criteria apply to Guernsey fiduciary licensees?

Applicants must meet minimum licensing criteria set out in Schedule 1 of the Law. Licensees are required to meet the criteria on an ongoing basis.^[1]

Related glossary terms

Financial account (CRS): The Common Reporting Standard defines accounts at financial institutions, including deposit and custody accounts, plus equity and debt interests and insurance.