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JFSC Reports On Trust Company Business Compliance

by Jason Gorringe, Lowtax.net, London
30 March, 2016

The Jersey Financial Services Commission (JFSC) has published an annual review of its findings during on-site visits to review the practices of trust company businesses.

The new report summarizes the Commission's findings following 35 on-site visits, conducted to protect the integrity of the financial services industry. These visits looked at these firms' corporate governance arrangements and key person functions. It also looked at how they conduct business.

One of the report's findings was that some trust company businesses are failing to obtain an appropriate amount of tax advice on behalf of their customers. Instances of such included:

  • Failure to obtain a single piece of advice from a firm of advisers in relation to multiple, highly planned structures;
  • A registered person who, faced with an aggressively planned structure and unsuccessful repeated requests for advice, had not considered whether to exit the relationship;
  • The need to seek updated tax advice upon a clear and significant trigger event (death) being overlooked; and
  • A case where tax advice was held with regard to a highly planned structure, but its implementation had not been checked or monitored, leading to potential exposure.

Across all areas of the businesses' conduct, the Commission decided to begin enforcement action in four cases.

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