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
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
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
The Commission has issued a guidance note on consumer complaints, which can viewed by clicking here.
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
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
(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.