FSD Guernsey Receive Fiduciary Licence

You may have read in our Autumn newsletter that Deutsche Bank Offshore, Fiduciary Services Division in Jersey was recently awarded their licence under the new Fiduciary Licensing law in Jersey. We are pleased to announce that the Fiduciary Services Division in Guernsey has also been granted a full fiduciary license.

The Fiduciary Laws in both Islands are broadly similar in their detail and both seek to ensure that the Channel Islands are one of the best regulated offshore locations in the world.

This is becoming increasingly important with the continued scrutiny of the world's offshore centres by organisations such as FATF and the OECD. In addition, they ensure that the fiduciary entities and their officers are fit and proper persons capable of running such a business.

To aid this the Guernsey Financial Services Commission has issued Codes of Practice for companies to adhere to.

If a company does not comply with the regulations then there is a possibility that their license will be suspended or even withdrawn, thus leaving them unable to service existing or new clients.

These measures will ensure that the Islands' reputation for high quality service will be maintained as those firms who do not comply with the regulations will not be permitted to conduct business in the Islands. This makes it increasingly important for clients and intermediaries to ensure that they work with high quality, regulated firms such as Deutsche Bank.