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Standard Chartered Guernsey's Trust business has been put into liquidation following an application by the firm, while it has also been fined £140,000 for ‘historical failures’.
The company has ceased trading in Guernsey and is now proiding its trust and fiduciary services from Singapore.
Last week, the Guernsey Financial Services Commission imposed, on an agreed basis, a "discretionary financial penalty, under section 11D of The Financial Services Commission (Bailiwick of Guernsey) Law, 1987".
The £140,000 penalty was for "historical failures" to meet the Minimum Criteria for Licensing in respect of Schedule 1 of The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000.
The GFSC said more information will be made available "in due course".
Pictured: Standard Chartered has been fined for historical failures to meet licensing criteria while trading on Guernsey.
Ahead of that penalty being imposed, Standard Chartered Trust (Guernsey) Limited had applied to the Royal Court to enter liquidation.
Alex Adam, Andy Wood and Stephen Browne of Deloitte LLP were appointed Joint Liquidators during a hearing last month.
In a statement on its own website, Standard Chartered said:
"Please be aware that the Company no longer offers trust and fiduciary services in Guernsey. Any questions relating to the liquidation or data requests can be directed to the Joint Liquidators, by contacting then on SCTGliquidation@deloitte.co.uk or by writing to:
"Standard Chartered Trust (Guernsey) Limited (in Liquidation) c/o Deloitte LLP, PO Box 137, Regency Court, Glategny Esplanade, St Peter Port, Guernsey, Channel Islands, GY1 3HW."
Pictured top: Standard Chartered was previously based at Bordeaux Court.
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