The firms providing fiduciary services in Guernsey are varied and range from the bank-owned trust companies through to accounting and law firms and a number of independently owned private trust companies. There are at least 100 fiduciary firms providing a variety of services in the Island and estimates are that they currently administer assets of more than £50 billion. Upwards of 1,000 staff are involved directly in this area of the finance sector.
FINANCIAL EXPERTISE AND INTEGRITY
Based on expertise accumulated over the past decade, the major fiduciaries on the Island recognise the need to maintain professional standards in order to remain competitive on an international scale. Professional training and education are regarded as a high priority in the industry.
Major issues affecting the fiduciary sector are monitored closely by the Guernsey Association of Trustees (GAT) and by the local branch of the society of Trust and Estate Practitioners (STEP). Both GAT and STEP organise a series of educational lectures by visiting speakers.
At trainee level the Guernsey Trust and Company Administration Certificate provides a solid foundation for basic training in administration and as a basis for further professional studies. The Guernsey Financial Services Commission is placing an increasing emphasis on employers' and employees' obligations in education and training, this coming at a time when fiduciaries' professional obligations are recognised as becoming increasingly more onerous. It is the intention of both the Commission and practitioners alike that the Island should continue to be known for its financial expertise and integrity.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information contact Peter Crook on Tel: +44 (0) 1481 712706 or visit the Guernsey Financial Services Commission Web Site at: