Financial Resources Requirements Rules, 2018 for the Fiduciary sector

Financial Resources Requirements Rules, 2018 ("the FRR Rules")

Following consultation with fiduciary licensees, external parties and the Guernsey Association of Trustees, the Commission is pleased to issue the FRR Rules, which come into force on 28 February 2018. The Commission is grateful for the contributions made by those parties.

The FRR Rules replace those requirements found under a number of Codes of Practice and have been drafted in accordance with international best practice, as per the GIFCS Standard, and focus primarily on liquidity requirements. These rules are intended to provide a level of assurance that all full fiduciary licensees are in a sound financial position and are therefore able to facilitate an orderly wind down or manage a distressed situation.  The Rules include a grandfathering period that concludes on 31 March 2019.

The FRR Rules, together with consolidated text versions of the various Codes of Practice, are available on the Fiduciary Legislation and Guidance page of the Commission’s website.