Fiduciary Law Consultation Document

The Fiduciary Business Law Joint Working Group (JWG), a committee of practitioners formed by the Commission to discuss issues surrounding the supervision of fiduciary business within the Bailiwick, has issued a Consultation Document on the possible introduction of a Fiduciary Business Law.

The question of extending supervision under statute to fiduciary business has been under consideration for some time; the possibility of a new law should come as no surprise to those long advocating the need for such legislation in order to provide comprehensive supervision of all aspects of financial services within the Bailiwick. Indeed, following the Commission's recent publication of its Conclusions Document on the proposed extension of the Protection of Investors (Bailiwick of Guernsey) Law to cover all forms of investment business, local financial practitioners and their advisers have continued to point out the desirability of also introducing a supervisory regime in the area of fiduciary