TRUST COMPANY BUSINESS
Frequently Asked Questions (FAQ)
Q: If I am not sure if a trust company business-related activity needs authorisation from the Commission. Can I ask you for advice?
Trust company business is regulated under the provisions of the Financial Services (Jersey) Law 1998. Commission staff will be happy to provide general explanations of what activities that law covers. However, Commission staff cannot provide legal advice in respect of specific circumstances and if you are in any doubt as to the position you should seek advice from a lawyer qualified in Jersey law.
Q: Can you tell me what qualifies for Continuing Professional Development (“CPD”)?
The type of activity that may qualify for CPD purposes is set out in section 3.4 of the Codes of Practice for Trust Company Business.
However, given that CPD needs to be tailored to the specific needs of each employee, the Codes put the onus on the management of the ‘registered person’ (ie, the licence holder) to determine what specific activity is suitable to be counted as CPD for any specific employee taking into account the employee’s job description and current duties, and may include future development needs. As a consequence, the Commission cannot endorse specific courses as qualifying for CPD purposes.
Q: How can I find out if a trust company business is regulated by you?
The Commission’s website lists all regulated trust company businesses. Click on the Trust Company Business tab at the top of the page and select 'Regulated Entities', or click here to go direct to the relevant page.
Q: What can I do if I have a complaint against a trust company business?
Q: How do I apply for a trust company business licence and what information is required?
The Commission welcomes applications from businesses wishing to operate in Jersey. The first step should be to contact the Director of Trust Company Business to arrange a meeting and explain the type of activity that is being contemplated. The Director will be pleased to introduce division staff that would be involved in handling your application and, if successful, working with you once you obtained registration. The Director will also be pleased to explain both the licensing regime and the Commission’s approach to supervision of this industry sector.
The trust sector is long established in Jersey and accordingly the Commission is familiar with private client work as well as businesses that focus on institutional, corporate or capital market business. The sector in Jersey is of a high standard and the Commission’s licensing policy demands equally high standards of competence, integrity and financial standing.
Although Commission staff will be pleased to explain the regulatory regime, they cannot provide legal advice. Most potential applicants seek legal advice at the time of approaching the Commission, or at least prior to making formal application. If the applicant is a business new to operating in Jersey, the legal adviser would also be able to offer advice regarding the Island’s housing and labour regulations.
The Commission publishes various documents which you may like to read, or Commission staff will be pleased to explain them to you. Key policies include the licensing policy, the policy explaining our views on outsourcing certain activities outside of the Island, the Codes of Practice which set out sound principles for the conduct of trust company business, and the Island’s Anti-Money Laundering Guidance Notes.
Once you are comfortable with the regime and have concluded that you want to progress a formal application, the Commission would be pleased to receive:-
(a) a completed Application Form, including the application fee;
(b) a comprehensive Business Plan setting out how you anticipate you will market your business, how you plan for it to develop, how you will manage it and how you will manage its risks;
(c) completed Personal Questionnaires for each of the key persons including consent to seek a Police check.
The Commission will acknowledge receipt of your application and begin assessing the application. This assessment includes looking at the fit and proper status of the applicants, the principals behind the business, and those principals who will be managing it. The Commission will take up regulatory references.
The Commission will keep you informed of the progress of your case and will revert to you for missing information or clarification if we find anything unclear. We aim to approve applications, or provide the reasons why we are unable to approve an application, within two weeks of receiving responses to our final queries. Overall, the normal time to progress a successful application is in the region of six weeks.