Thematic Review - Client Money in the Investment and Fiduciary Sectors

The Commission has today issued two thematic reports on Client Money arrangements for the Investment and Fiduciary sectors.

The Commission found that firms utilise a robust control environment to appropriately segregate and reconcile Client Money, thus ensuring its safety. We also found that the vast majority of licensees hold Client Money with Approved Banks. Whilst we recognise that access to Approved Banks may come at a financial cost and with time, our findings support that Guernsey remains open for business.

The report for the Investment sector can be found here, and for the Fiduciary sector can be found here. Both reports can also be found under Thematic Reviews on our Legislation and Guidance page.

All firms are encouraged to consider the contents of the relevant report(s), particularly in relation to the areas to consider and the self-assurance questionnaires, when reviewing, updating or revising their policies, procedures and controls.