BVI FSC Updates Annual Prudential Return for Trust and Corporate Services Providers

Industry Circular 37 of 2025. Publication of Financial Services (Prudential and Statistical Returns) (Amendment) Order, 2025
13 October 2025

The British Virgin Islands Financial Services Commission (FSC) has issued an important update to the Financial Services (Prudential and Statistical Returns) Order, 2009, replacing the existing Schedule 3 Prudential Return for fiduciary services with a new, enhanced reporting framework.

The amendment strengthens the FSC’s ability to assess and monitor risks across the trust and corporate services sector and introduces a revised Trust and Corporate Services Provider Annual Return.

What Has Changed

• The previous Prudential Return form has been revoked and replaced with a new version, effective for reporting periods ending 31 December 2025.
• The new Annual Return template must be used for all submissions due by 31 January 2026.
• From January 2026, the FSC will no longer accept the old form.
• The new electronic form and guidance are available on the FSC’s website under the ‘Annual Returns’ tab.

What TCSPs Need to Do Now

To ensure compliance and avoid filing issues ahead of the deadline, all licensed Trust and Corporate Services Providers (TCSPs) should:

1. Download and review the new Annual Return template – available electronically on the FSC’s website.
2. Assess existing data collection systems to ensure the required information is available for the new format.
3. Familiarise internal teams with the revised reporting fields and structure.
4. Prepare early – begin collecting the necessary prudential and statistical data to meet the 31 January 2026 filing deadline.
5. Verify submission process – confirm access to the FSC’s electronic filing system and ensure compatibility with the new form.

Our Recommendation

Licensees are encouraged to begin preparations now, as the new template introduces expanded data points and enhanced disclosure requirements designed to improve sector-wide risk analysis. Early readiness will help ensure timely submission and maintain regulatory good standing.

How Harneys Fiduciary Can Assist

Our team supports licensed fiduciary service providers with all aspects of prudential and regulatory reporting. We can:

• Review your data collection process to ensure alignment with the new return format.
• Assist with preparing or completing the revised Annual Prudential Return.
• Provide guidance on compliance, governance, and recordkeeping best practices.
• Liaise with the FSC where clarification or submission support is required.

If you require assistance preparing for the 31 January 2026 deadline or would like to discuss how this amendment may affect your fiduciary operations, please contact your usual Harneys Fiduciary representative or reach out to our team.