Fiduciary Services Philip Nicol-Gent, Director Fiona Crocker, Deputy Director Nic Cleveland, Assistant Director
Philip Nicol-Gent Director
Hold the Date 3
International Outlook Trust and Company Service Providers – Statement of Best Practice’ September 2002 • www.gfsc.gg/Fiduciary/Pages/Legislation- and-Guidance 4
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 5
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- ordination 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 • on-site visits 6
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 7
Fiona Crocker Deputy Director
2012 Fiduciary Return An Annual Health Check
Ownership of licensees* 7.28% 7.95% 41.72% 17.22% 25.83% Privately owned - local: 63 International financial group: 39 Lawyers and accountants: 26 Dual licence: 12 Privately owned - overseas: 11 * Based on 151 persons holding a full fiduciary licence as at 30 June 2012. 10
Number of licensees in each turnover band based on fiduciary turnover for accounting periods falling in the year ended 30 June* 40 35 35 36 35 32 28 30 27 27 26 24 25 25 24 25 20 2010: 127 19 20 18 2011: 135 2012: 139 15 10 5 0 <£249,999.99 £250,000 to £1,000,000 to £2,000,000 to £4,000,000 or over £999,999.99 £1,999,999.99 £3,999,999.99 *Based on licensees that have submitted audited financial statements. Financial statements may not have fallen due for recently licensed companies. 11
Percentage of Assets under Trusteeship held by Fiduciary Licensees as at 30 June 12.3% 0.4% 40.1% 36.4% 10.8% Liquid and Near Liquid Assets Real Estate Private company shares and other trading assets Works of art and antiques Other diverse assets 12
Total assets under trusteeship 2.8% 4.2% 23.0% 41.1% 28.9% International financial group Privately owned - local Lawyers and accountants Dual licence Privately owned - overseas 13
Geographical split of business based on turnover Europe (EU, UK and Local) 66.44% Americas Africa Asia and 9.47% (Russia, Asia, Caribbean Middle East and 7.20% China) 16.66% Australia & New Zealand 0.23% 14
Geographical split of new business based on turnover 0.87% 2.97% 7.28% 13.71% 75.17% Europe (EU, UK and Local) Asia (Russia, Asia, Middle East and China) Africa Americas and Caribbean Australia and New Zealand 15
Director and trustee appointments for full fiduciaries 35,000 £400 £350 30,000 £300 25,000 £250 20,000 £200 15,000 £150 10,000 £100 5,000 £50 0 £0 2004 2005 2006 2007 2008 2009 2010 2011 2012 Trusteeships Directorships Turnover Full 16
Proportion of assets under trusteeship held by pension products 96.0% Trusts 4.0% Pension products 17
Number of staff carrying out regulated activities employed by fiduciary licensees 1% 5% 16% Fewer than 10: 74 49% 11-25: 44 26-50: 24 51-75: 7 29% 76-100: 2 18
Sentinel Programme - The Five Pillars • Extranet – Online/electronic submissions and licensee engagement. Exploring opportunities 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. 19
Questions & Answers Philip Nicol-Gent - Director Fiona Crocker - Deputy Director Nic Cleveland - Assistant Director 20
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