Regulatory Alerts2017-02-17
Client Money - Fiduciary Thematic Review 2016
The Guernsey Financial Services Commission conducted a 2016 thematic review of client money practices among fiduciary licensees to assess compliance with international standards and identify risks. The review found that while most firms maintain robust segregation and reconciliation procedures, the sector lacks prescribed guidance, prompting the Commission to develop new Client Asset Rules. These forthcoming rules aim to enhance client protection by mandating specific controls on account management, banking arrangements, and the disclosure of terms under which client funds are held.
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