GIFCS completes a further evaluation under its TCSP standard
The Group of International Finance Centre Supervisors (GIFCS) has completed a further evaluation of compliance by member jurisdictions with its Standard on the Regulation of Trust and Company Service Providers, in respect of the Isle of Man.
The Isle of Man is the fifth jurisdiction to be assessed under the Standard which is established as an international benchmark for regulating trust and corporate service providers. The Isle of Man Financial Services Authority (IOM FSA) has published the report, which can be viewed at
John Aspden, Chairman of GIFCS, said "The Standard provides a credible and comprehensive basis for regulating the sector, setting a high threshold for compliance. Effectively implemented it gives a foundation for business confidence in a sector where principles of good conduct and administration are followed". He added "GIFCS members are committed to implementing the Standard and peer group evaluations have become an important part of the process. I am delighted that the IOM FSA has shown its commitment to the Standard in this way".
Bettina Roth, Chief Executive at the Authority, said: ‘The strong ratings reflect the Authority’s long-standing policy of positive engagement with international standards and its efforts over many years to enhance levels of compliance within the TCSP sector. We continue to work collaboratively with firms and wish to thank the TCSPs and members of the ACSP for their contribution to the GIFCS evaluation.’
18 January 2024
Notes for Editors
The GIFCS is a long-established group of financial services supervisors with a core interest of promoting the adoption of international regulatory standards especially in the banking, fiduciary and AML/CFT arena.
The GIFCS was established in 1980. The Group, which meets formally twice a year, has become a very positive contributor to promoting and assisting compliance among its membership with the Basel Core Principles and the FATF Recommendations on AML/CFT. It also contributes to some of the work of IOSCO.
The GIFCS has become recognised as a leading authority on the regulation of trust and company service providers, on the interface of these intermediaries with AML/CFT standards, and on the principle of identifying beneficial owners behind trust and company structures. It has issued an international Standard for the regulation of the TCSP sector, for implementation by members and against which their compliance is formally evaluated.
Contact:
John R Aspden
Chairman
Group of International Finance Centre Supervisors
C/o PO Box 58
Finch Hill House
Bucks Road
Douglas
Isle of Man IM99 1DT
British Isles
Web: www.groupgifcs.org
Email: jaspden@groupgifcs.org
Tel: +44 (0)7403610895