The Guernsey Financial Services Commission has published two thematic reports on client money arrangements in the investment and fiduciary sectors, concluding that firms generally operate robust controls to segregate and reconcile client money and that the vast majority of licensees hold client money with Approved Banks. The reports note that access to Approved Banks may involve financial cost and time, but present the findings as supporting that Guernsey remains open for business. Firms are encouraged to consider the relevant report’s areas to consider and self-assurance questionnaires when reviewing, updating or revising their policies, procedures and controls.
Guernsey Financial Services Commission 2025-02-13
Guernsey Financial Services Commission issues thematic reviews on client money arrangements in the investment and fiduciary sectors
The Guernsey Financial Services Commission released reports on client money arrangements in the investment and fiduciary sectors, finding firms generally maintain robust controls for segregation and reconciliation. Most licensees hold client money with Approved Banks, though accessing these banks may incur costs and time. The reports encourage firms to review and update their policies using the provided areas to consider and self-assurance questionnaires.