Regulatory Alerts2025-02-13
Client Money - Fiduciary - Thematic Review 2024
The Guernsey Financial Services Commission conducted a 2024 thematic review to assess the effectiveness of controls over Client Money held by primary fiduciary licensees. The Commission found that licensees generally maintain robust safeguarding arrangements, with appropriate segregation, reconciliation, and use of Approved Banks. However, the regulator highlighted specific areas for improvement, including clearer understanding of account classifications, prevention of overdrawn accounts, and mitigation of key person risks through better embedding of policies.
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