Guernsey Regulator Supports New Benchmark Standards For TCSPs

The Guernsey Financial Services Commission (GFSC) has welcomed the Group of International Finance Centre Supervisors' (GIFCS) new benchmark for the regulation of trust and corporate service providers (TCSPs).

The Standard on the Regulation of Trust and Corporate Service Providers, the first of its type, introduces a new minimum benchmark for businesses administering international trusts and companies to follow. The standard is intended to promote and reinforce high standards in the sector among its membership, many of whom already regulate TCSP activity.

The standard addresses matters of both prudential and conduct regulation, and is designed to complement the international supervisory standards of the Basel Committee, IOSCO and IAIS.