Fiduciary Services Philip Nicol-Gent, Director Fiona Crocker, - - PowerPoint PPT Presentation

Fiduciary Services

Philip Nicol-Gent, Director Fiona Crocker, Deputy Director Nic Cleveland, Assistant Director

Philip Nicol-Gent

Director

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Hold the Date

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International Outlook

Trust and Company Service Providers – Statement of Best Practice’ September 2002

• www.gfsc.gg/Fiduciary/Pages/Legislation-

and-Guidance

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Authorisations Unit changes and benefits

All PQ/PDs will be processed centrally by the Authorisations Unit

Benefits:

• Single point of contact and response for PQ/PDs
• A common and consistent approach to dealing with PQ/PDs
• PQ/PDs are immediately recorded and dealt with sequentially –

removes the previous divisional peaks and troughs

• A common approach to due diligence
• Enhanced IT provides real time status of submissions

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AML Division changes and benefits

• 1. Co-ordinated Regulatory Division onsite visits occurring

concurrently

Benefit: Will minimise the level of inconvenience to those visited by co-

• rdination of Regulatory Division onsite visits occurring concurrently
• 2. Introduction of the AML/CFT Questionnaire

Benefits:

• Increased timeframe for FSBs, NRFSBs and PBs to complete and return

AML/CFT Questionnaire and supporting documentary evidence

• Provides AML Division with a greater understanding of the business prior

to commencing visit

• Increased efficiency and optimisation of the Commission’s time during
• n-site visits

AML Division changes and benefits

• 3. Application of standardised AML and CFT processes

Benefit: An efficient, effective and consistent approach to AML and CFT

• 4. Centralisation of AML and CFT

Benefit: A Division which is exclusively focused on AML and CFT

• 5. Application of a Commission-wide risk based approach to

AML and CFT

Benefit: An approach which is consistent with the revised international standards published by Financial Action Task Force and which reflects the AML risks in the jurisdiction’s finance sector

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Fiona Crocker

Deputy Director

2012 Fiduciary Return

An Annual Health Check

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Ownership of licensees*

* Based on 151 persons holding a full fiduciary licence as at 30 June 2012.

41.72% 25.83% 17.22% 7.95% 7.28% Privately owned - local: 63 International financial group: 39 Lawyers and accountants: 26 Dual licence: 12 Privately owned - overseas: 11

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Number of licensees in each turnover band based on fiduciary turnover for accounting periods falling in the year ended 30 June*

5 10 15 20 25 30 35 40 <£249,999.99 £250,000 to £999,999.99 £1,000,000 to £1,999,999.99 £2,000,000 to £3,999,999.99 £4,000,000 or over 35 24 19 24 25 35 27 20 26 27 36 28 18 25 32 2010: 127 2011: 135 2012: 139

*Based on licensees that have submitted audited financial statements. Financial statements may not have fallen due for recently licensed companies.

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Percentage of Assets under Trusteeship held by Fiduciary Licensees as at 30 June

40.1% 10.8% 36.4% 0.4% 12.3% Liquid and Near Liquid Assets Real Estate Private company shares and other trading assets Works of art and antiques Other diverse assets

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Total assets under trusteeship

41.1% 28.9% 23.0% 4.2% 2.8% International financial group Privately owned - local Lawyers and accountants Dual licence Privately owned - overseas

Americas and Caribbean 7.20% Africa 9.47% Europe (EU, UK and Local) 66.44% Asia (Russia, Asia, Middle East and China) 16.66% Australia & New Zealand 0.23%

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Geographical split of business based on turnover

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Geographical split of new business based on turnover

75.17% 13.71% 7.28% 2.97% 0.87% Europe (EU, UK and Local) Asia (Russia, Asia, Middle East and China) Africa Americas and Caribbean Australia and New Zealand

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Director and trustee appointments for full fiduciaries

£0 £50 £100 £150 £200 £250 £300 £350 £400 5,000 10,000 15,000 20,000 25,000 30,000 35,000 2004 2005 2006 2007 2008 2009 2010 2011 2012 Trusteeships Directorships Full Turnover

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Proportion of assets under trusteeship held by pension products

96.0% 4.0% Trusts Pension products

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Number of staff carrying out regulated activities employed by fiduciary licensees

49% 29% 16% 5% 1% Fewer than 10: 74 11-25: 44 26-50: 24 51-75: 7 76-100: 2

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Sentinel Programme - The Five Pillars

• Extranet – Online/electronic submissions and licensee engagement. Exploring
• pportunities with other regulators, including Jersey.
• Operating platform – Evaluating the best way to integrate Workflows, Document

Management and build on our existing CRM investment.

• Risk Based Supervision methodology – In dialogue with the other regulators to

assess how they’ve approached this.

• Data Management – The creation and management of the data we need to feed

the systems.

• Reporting methods – What are the industry standards we need to embrace?

The approach

• The intention is to take a modular, phased approach and buy-in/adopt proven

technologies wherever possible.

• The programme will be underpinned by change management best practice.
• Through GIBA, a working party has been established with industry, which meets

monthly.

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Questions & Answers

Philip Nicol-Gent

• Director

Fiona Crocker

• Deputy Director

Nic Cleveland

• Assistant Director