The Guernsey Financial Services Commission has published revised guidance on the way that private trust companies (PTCs) – a key structure for private wealth management on the island – are controlled and administered by licensed fiduciaries.
The guidance includes outcome-based moves revising requirements for directorships, and is seen as a key component of Guernsey’s strategy to enhance its services and offering in the family office and private wealth space. A PTC acts as a trustee to a specific trust or group of connected trusts, often for one family.
Paul Hodgson, Chairman of the Guernsey Association of Trustees, said: “This updated guidance from the GFSC will be welcomed for the clarity it provides to the Guernsey industry. It will simplify arrangements, offer greater certainty to clients and make private wealth management in Guernsey a more attractive option.”
Andy Sloan (pictured), Deputy Chief Executive, Strategy, at Guernsey Finance, added: "The guidance maintains regulatory integrity while improving the jurisdiction's competitive position. The enhancement of our offer is a key component of our family office strategy and testament to the prioritisation process we have established, enabling us to pivot development to key strategic areas.”
• To view the guidance click here