The 2012 Fiduciary Annual Return deadline has been delayed after representatives from the Guernsey Financial Services community pleaded with the financial services authorities for leniency with regards to the filing deadline.
These same individuals also requested renewed and expanded guidance so that they could better and more fully comply with the guidelines set out.
The Guernsey Financial Services Commision has relented and extended the 2012 Fidcuciary Return Deadline by one month from 31 July 2012 to 31 August 2012. This should aid relevant parties and ensure that the deadline is more roundly reached.
The Commision released additional guidance on a number of areas of interest including:
Reporting requirements related to Retirement Annuity Trust Schemes (RATS) and Qualifying Recognized Overseas Pension Schemes (QROPS). The HMRC’s policies towards QROPS were significantly altered this year hence the need for renewed guidance from offshore financial authorities including Guernsey’s.
Regulated parties will now need to split financial information related to QROPS products into separate streams for Guernsey residents and non-Guernsey residents.
The Financial Services Commision is also demanding that these same regulated entities will also have to fully disclose the geographical location of customers so that the authrotiies have greater visibility on licensees’ business.
The deadline for the Finance Sector Code of Corporate Governance Assurance Statement remains unchanged at 31 July 2012.