This is part of a series of guides in which we examine areas of
law that frequently arise in practice. Further guides will be
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Crill news and insights by email.
As part of the regulatory regime for licensed fiduciaries, the
Guernsey Financial Services Commission ("GFSC") carries
out onsite visits to both corporate and individual licensees. This
guide provides some practical advice for licensees on how to best
to prepare for such visits.
What types of visits should licensee's expect?
At a speech in October 2020, Director General of the GFSC,
William Mason, noted that they had reviewed the PRISM system in the
wake of COVID-19. From January 2021, companies would expect less
expansive regulatory visits. These visits now take the form of
either a full risk assessment or a financial crime risk assessment,
focusing on the GFSC's key thematics. For 2022, for example,
these are politically exposed people (PEPs)
