Regulatory Alerts2025-05-14
Fiduciary Rules and Guidance, 2021: Acting with Integrity
The Guernsey Financial Services Commission has issued the Fiduciary Rules, 2021 to replace the 2020 regulations and 2017 annual return rules, establishing updated compliance standards for licensed fiduciaries. The rules mandate rigorous corporate governance, including board accountability, the four-eyes principle for management, and comprehensive employee screening, while enforcing strict conduct requirements that prioritize client best interests and integrity. Licensees must also maintain adequate financial resources, implement robust record-keeping and breach registers, and ensure full cooperation with regulatory notifications and outsourcing oversight.
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