Fiduciary issues

Article Abstract:

Guernsey offshore companies and trusts hold a minimum of 50 billion pounds worth of assets according to the Financial Services Commission (FSC). There are already measures to regulate trusts in Guernsey such as the power of the Royal Court to remove trustees shown to be permitting breaches of trust. Further regulation is being planned by the FSC though the details have yet to be decided and a working party is discussing the issue with the industry. This change should help Guernsey's image as a financial center.

Trust, Fiduciary, and Custody Activities, Bank Trust Services, Individual Trust Services, Laws, regulations and rules, Trusts and trustees, Trustees, Trusts (Law), Trust companies

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More than sterling work

Article Abstract:

The banking industry in Guernsey reported a drop in deposits of 7.5% in 1996 after a ten-year growth period. The figures were affected by the rise in value of pound sterling since the deposit base is calculated using the currency, but more than two thirds of the total is held in currencies other than the pound. The island has lost Union Discount, Chemical Bank and Lazard Brothers, but there have been new entrants to Guernsey banking such as Bank of Cyprus and Clariden Bank of Switzerland.

Banking industry

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Offshore, on course

Article Abstract:

Guernsey's financial services industry faces constraints due to lack of unemployment and a fixed working population. The industry accounts for some 60% of the island's foreign income and 5,000 people from the population of 30,000 work in finance. Expansion can been carried out in activities that are less labor intensive like trust services. The director general of the Financial Services Commission, John Roper, has left his post and been replaced by Peter Crook.

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