Guidance on Private Trust Companies (September 2025)

Summary

This is GFSC guidance clarifying how Private Trust Companies (PTCs) and Private Trust Foundations (PTFs) are treated under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020. It explains that acting as trustee is a regulated activity, so a PTC must either hold a full fiduciary licence or obtain a limited permission (discretionary exemption) to operate without one, and sets out the criteria and conditions attached to that permission.

• Regulatory routes: A PTC must apply either for a fiduciary licence under section 6 of the Fiduciaries Law, or for a limited permission (discretionary exemption) under section 3(1)(ac) to operate without a licence.
• Limited permission criteria: To qualify, the PTC must act only as trustee for a specific trust or group of connected trusts with common interest, must not advertise or market to the public, and must be administered by a company licensed under the Fiduciaries Law.
• Administering fiduciary's role: The licensed fiduciary administering the PTC must confirm it retains sufficient knowledge of the PTC's ownership, control and activities to be satisfied it is effectively governed and compliant, typically evidenced by providing a director, company secretary or authorised signatory.
• AML/CFT monitoring: Under Schedule 3 of the Proceeds of Crime Law, the administering fiduciary must subject the PTC to enhanced monitoring and oversight commensurate with the higher money laundering, terrorist financing and proliferation financing risk the activity poses.
• Permission conditions and duration: Limited permissions are granted subject to a standard condition requiring administration within the licensed fiduciary's AML/CFT/CPF controls, and are generally time limited to 3 years, renewable before expiry, with renewal details provided in the Commission's grant letter.
• PTFs: The Commission will consider limited permission applications for Private Trust Foundations using similar criteria to those applied to PTCs.
• Record-keeping: Licensed fiduciaries administering a PTC or PTF must keep records of the entity's activities, beneficial ownership information on its directors/councillors and controllers, and information on settlors, beneficiaries and protectors, available for Commission inspection on request under section 26(1) of the Fiduciaries Law.

Naming permissions (e.g. to use 'trust' or 'trustee' in a name) can be applied for alongside the limited permission application via the Commission's Application Portal, though the term 'PTC' itself may be used without separate permission.

Key obligations

• A company acting as a PTC must either apply for a fiduciary licence under section 6 of the Fiduciaries Law or apply for a limited permission under section 3(1)(ac) before acting as trustee.
• A PTC granted limited permission must act only as trustee for a specific trust or group of connected trusts with common interest and must not advertise or market its services to the public.
• A PTC operating under limited permission must be administered by a company licensed under the Fiduciaries Law.
• The administering licensed fiduciary must retain sufficient knowledge of the PTC's ownership, control structure and activities to be satisfied it is effectively administered, governed and compliant with relevant laws.
• The administering licensed fiduciary must ensure the PTC is subject to monitoring commensurate with its money laundering, terrorist financing and proliferation financing risk, per Schedule 3 of the Proceeds of Crime Law.
• A PTC's limited permission is subject to a standard condition requiring administration within the licensed fiduciary's AML/CFT/CPF controls, and must be renewed prior to its expiration date (generally after 3 years) to continue operating.
• Licensed fiduciaries administering a PTC or PTF must maintain records of the entity's activities and beneficial ownership, settlor, beneficiary and protector information, and make these available to the Commission upon request under section 26(1) of the Fiduciaries Law.

Applies to

Private Trust Companies (PTCs), Private Trust Foundations (PTFs), licensed fiduciaries

Deadlines

• generally 3 years: Limited permissions granted to PTCs/PTFs are generally time limited to 3 years and must be renewed prior to the expiration date to continue operating.