trust services

Who is caught

Trust services in Guernsey are regulated principally under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020, administered by the Guernsey Financial Services Commission (GFSC). That Law prohibits carrying on regulated activity in or from the Bailiwick without a fiduciary licence, and captures a broad range of trust and corporate service activity.

• Regulated activities: The formation, management or administration of trusts, companies, partnerships, unincorporated bodies, foundations and pension or gratuity schemes, and acting as trustee, director, partner, LLP member, company secretary, nominee shareholder, registered office provider, foundation official, or executor or administrator of estates, per the Fiduciaries Law.
• Entities caught: Licensed fiduciaries, including corporate and individual trustees, administration businesses, foundation officials and pension scheme administrators, as well as primary, secondary and personal fiduciary licensees under the Fiduciary Rules.
• Private trust companies: Acting as trustee is a regulated activity, so a Private Trust Company must hold a fiduciary licence or obtain a limited permission (discretionary exemption); the GFSC will consider similar treatment for Private Trust Foundations.
• Registered office provision: Providing a registered office for others by way of business is a regulated activity that can only be carried on by a company or partnership holding a primary or secondary fiduciary licence, with no de minimis threshold.
• Directors by way of business: Whether acting as a company director is regulated depends on the number and nature of directorships; more than six non-exempt directorships requires a Personal Fiduciary Licence.

Trust and corporate service providers are also subject to the Bailiwick's AML/CFT/CPF regime. The Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 and the Commission's Handbook on Countering Financial Crime impose customer due diligence and related duties on financial services and specified businesses, including trust and corporate service providers. The GIFCS Standard on the Regulation of Trust and Corporate Service Providers is made available by the GFSC as an international benchmark reference rather than binding Guernsey law.

Sources: Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (Consolidated text) · Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 · The Fiduciary Rules and Guidance, 2021 (Consolidated Version, September 2022) · Guidance on Private Trust Companies (September 2025) · Provision of Registered Office Services by Unregulated Persons · Requirements for Individuals Acting as a Director · GIFCS Standard on the Regulation of Trust and Corporate Service Providers (Version 1.2, January 2026) · Handbook on Countering Financial Crime (AML/CFT/CPF) (7 July 2026)

Key duties

The central duty is to hold the appropriate fiduciary licence before carrying on regulated activity, and thereafter to comply with the Commission's principles of conduct, rules and directions. The Fiduciaries Law and the Fiduciary Rules and Guidance, 2021 set out the continuing obligations.

Licensing and returns

• Licence: Persons carrying on regulated fiduciary, administration, directorship, executorship, foundation or pension scheme activity must hold a fiduciary licence granted by the Commission before doing so.
• Annual return: Licensed fiduciaries must file an annual return in accordance with rules made under the Law; personal fiduciary licensees must report particulars of their financial position via the Annual Return.
• Annual fee: Firms licensed or registered with the Commission are liable for an annual fee; the FAQ indexed here describes a 2023 cycle with payment due by 31 January 2023 to avoid a late payment penalty.
• Accounts and auditor: Accounting periods must not exceed 12 months and cannot be changed without Commission approval; primary and secondary licensees must appoint and maintain an auditor and submit financial statements within four months of each accounting period end.

Governance and conduct

• Principles of conduct: Licensed fiduciaries must comply with the principles of conduct prescribed by the Commission, and Boards must maintain effective policies, procedures and controls and retain responsibility for outsourced functions.
• Conflicts and client money: Licensees must maintain a written conflicts of interest policy and records of conflicts, and must not profit from holding Fiduciary Client Money; thematic review work reiterates reconciliation, account classification and annual independent control review expectations for client money.
• Corporate governance: Licensed fiduciaries fall within the Finance Sector Code of Corporate Governance, requiring Board self-assessment and an assurance statement to the Commission.
• Fit and proper: Licensees must assess individuals in supervised roles against the Fit and Proper standard at appointment and on an ongoing basis, and notify the Commission of issues affecting fitness and propriety.
• Breaches register: Licensees must keep a breaches register logging all instances of non-compliance with the Rules.

Notifications and records

• Supervised roles: Licensees must notify the Commission of changes in the holder of a supervised role, and of the acquisition of a significant shareholding in a licensed fiduciary.
• Record keeping: Documents relevant to compliance must be retained as required by the Commission's rules; fiduciaries administering PTCs or PTFs must keep records of the entity's activities and beneficial ownership, settlor, beneficiary and protector information.
• Information requests: Persons subject to information requests under section 26 must produce documents and information as required and must not falsify documents during an investigation; documents must be submitted electronically where required.

AML/CFT and cyber

• AML/CFT/CPF: Trust and corporate service providers must comply with Schedule 3 to the Proceeds of Crime Law and the Handbook, including risk assessment, customer due diligence, ongoing monitoring, reporting suspicion, sanctions compliance, employee screening and record keeping.
• Cyber security: As GFSC licensees, fiduciaries must meet the Cyber Security Rules, including identifying assets and risks, maintaining controls and recovery plans, and notifying the Commission of significant cyber security events as soon as reasonably practicable.
• Pension schemes: Where forming or administering pension or gratuity schemes, licensees have specific duties including notifications within stated periods, an annual return and annual statistical return, and prescribed record-keeping and member disclosure obligations.

Sources: Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (Consolidated text) · Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 · Cyber Security Rules and Guidance, 2021 · The Fiduciary Rules and Guidance, 2021 (Consolidated Version, September 2022) · Pension Scheme and Gratuity Scheme Rules and Guidance, 2021 · Finance Sector Code of Corporate Governance (Amended February 2026) · FAQ on Annual Fees · Fit and Proper Persons - Meeting the Criteria (February 2024) · Guidance on Private Trust Companies (September 2025) · Conflicts of Interest - Fiduciary - Thematic Review 2025 · Client Money - Fiduciary - Thematic Review 2024 · Handbook on Countering Financial Crime (AML/CFT/CPF) (7 July 2026)

Exemptions and carve-outs

The Fiduciaries Law carves certain activities out of the licensing requirement, and later regulations and guidance have refined these exemptions. Exemption from licensing does not necessarily remove AML/CFT/CPF obligations.

• Directorship carve-outs: The Law exempts directors of companies with an established Bailiwick place of business supplying no other regulated services, directors of listed or majority family-owned companies, lawyers acting as testamentary trustees or executors for Bailiwick-domiciled persons, and individuals holding no more than six non-exempt directorships.
• 2023 additions: The 2023 amendment Regulations added exemptions for directors of companies wholly beneficially owned by the States of Guernsey, Alderney or the Chief Pleas of Sark, members of the Guernsey Banking Deposit Compensation Board, directors of companies supervised by an IOSCO MMoU signatory, and certain fund-connected company directorships (subject to the designated administrator ensuring AML/CFT compliance).
• Up to six directorships: Guidance distinguishes directorships that are exempt with no AML obligations, exempt but subject to Schedule 3, and exempt from licensing but requiring registration; more than six non-exempt directorships requires a Personal Fiduciary Licence, and the Commission may disapply the up-to-six exemption where a person is not fit and proper.
• Own company registered office: Providing a registered office for one's own company, partnership or unincorporated body is not a regulated activity because it is not by way of business; there is otherwise no de minimis exemption for registered office provision.
• PTC limited permission: A Private Trust Company may operate without a full licence under a limited permission where it acts only as trustee for a specific trust or group of connected trusts with common interest, does not market to the public, and is administered by a company licensed under the Fiduciaries Law; such permissions are generally time-limited to three years and renewable.
• Cell company exceptions: The Protected Cell and Incorporated Cell Companies prescribed classes Regulations set out which companies may use cell structures; licensed fiduciaries are excepted from the expanded ICC prescription, while companies licensed under section 2(1)(e) of the Fiduciaries Law are prescribed as eligible to become protected cell companies.

Sources: Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (Consolidated text) · Companies (Incorporated Cell Companies) (Prescribed Classes) Regulations, 2021 · Companies (Protected Cell Companies) (Prescribed Classes) Regulations, 2024 · Regulation of Fiduciaries etc (Bailiwick of Guernsey) (Amendment) Regulations, 2023 · Guidance on Private Trust Companies (September 2025) · Provision of Registered Office Services by Unregulated Persons · Requirements for Individuals Acting as a Director

Enforcement and penalties

Enforcement across the fiduciary sector rests with the GFSC. The Fiduciaries Law provides for offences and penalties for contravention, including for directors and unincorporated bodies, and the Commission's supervisory and enforcement powers are supplemented by the Financial Services Business (Enforcement Powers) Law, 2020.

• Fiduciaries Law: The Law sets out Commission powers to grant, refuse, condition or revoke licences, appoint skilled persons, obtain information and issue directions, alongside offences and penalties for contravention; the summary indexed here does not state the specific fine amounts or imprisonment terms.
• Enforcement Powers Law: The GFSC may gather information, appoint inspectors, impose enforcement requirements, object to holders of supervised roles, suspend or revoke licences, make prohibition and disqualification orders, and impose discretionary and administrative financial penalties, public statements and reprimands, with appeals to the Royal Court and Court of Appeal.
• Site visit offences: Under the Site Visits Ordinance, obstructing or failing to comply with a request or requirement, making false or misleading statements, or falsifying, concealing, destroying or removing relevant documents are offences punishable on summary conviction by up to 6 months' imprisonment and/or a level 5 fine, or on indictment by up to 2 years' imprisonment and/or a fine.
• AML offences: The Proceeds of Crime Law criminalises money laundering and related conduct and creates a corporate failure-to-prevent offence; the Commission may conduct site visits and obtain warrants for AML enforcement.
• Late fees: Non-payment of annual fees may attract a late payment penalty under the Administrative Financial Penalties (Bailiwick of Guernsey) Regulations, 2022.

The documents indexed here do not set out the specific fine levels or imprisonment terms attaching to breaches of the Fiduciaries Law itself.

Sources: Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 · Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (Consolidated text) · Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 · Financial Services Commission (Site Visits) (Bailiwick of Guernsey) Ordinance, 2008 (Consolidated Text) · FAQ on Annual Fees