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PRESS RELEASE 17 October 2014

JERSEY CONTRIBUTES TO NEW INTERNATIONAL STANDARD FOR REGULATING TRUST COMPANY BUSINESSES

The Group of International Finance Centre Supervisors (“GIFCS”) has today issued a press release in which it has launched a new benchmark for the regulation of Trust and Corporate Service Providers (“TCSPs”), which can be viewed at: http://www.gifcs.org/images/Documents/GIFCSPressReleaseOctober2014.pdf

The Jersey Financial Services Commission (the “Commission”) volunteered to be part of the GIFCS working group and contributed fully to the document. The Commission’s experience of regulating the TCSP sector over the last 14 years was invaluable in this process. The Commission would also wish to take this opportunity to acknowledge the positive strides the TCSP sector in Jersey has made in enhancing its risk management capability and conduct in the regulatory area. Jersey is well positioned to meet the new GIFCS Standard on the Regulation of TCSPs and the Commission anticipates minimal amendment to its current regulatory regime for TCSPs.

The GIFCS Standard on the Regulation of TCSPs and a series of questions and answers on the new Standard can be viewed by clicking here.

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For further information please contact: -

John Everett - Director, Funds & Fiduciary
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822021
Fax: + 44 (0) 1534 822047
Email: j.everett@jerseyfsc.org

 

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