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The Supervisory Regime

The Supervisory Regime. Paul de Weerd Senior Manager - Authorisations. Introduction. Initial thoughts Build on what we have Continuity Incremental development. CSP Supervision Team. Michael Weldon – Head of Supervision Sue Ferrario - Manager Geraldine Smith - Manage r

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The Supervisory Regime

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  1. The Supervisory Regime Paul de Weerd Senior Manager - Authorisations

  2. Introduction • Initial thoughts • Build on what we have • Continuity • Incremental development

  3. CSP Supervision Team • Michael Weldon – Head of Supervision • Sue Ferrario - Manager • Geraldine Smith - Manager • Lynda Cain – Supervision Officer • Nathan Holden – Supervision Officer

  4. Handover from Authorisations • Authorisations and CSP team work together • Same relationship manager for all fiduciary business • As TSP licensing nears completion, some staff will move to Supervision

  5. CSP Supervision Processes • Annual Compliance Return • Business Meetings • Visits: • Supervisory • Focus • On-Site Risk Assessment

  6. TSP Supervision process Extending the CSP process: • Quarterly declaration of solvency • Extend the Annual Compliance Return • Extend visits to look at trusts as well as companies

  7. Private Trust Companies Administering the exemption • Exempted if administered by a TSP • Requirement to notify FSC • List with Annual Compliance Return

  8. Focus of Supervisory Visits • Focus on process: • KYC • Administration, • Record-keeping • Accounting • Not second-guessing trust law

  9. Summary No news is good news!

  10. Over to the Panel Our guest panellists: • Morning: John Whillis (STEP), Michael Shimmin (ACSP) and John Rimmer (Law Society) • Afternoon: Paul Dougherty (STEP), Chris Eaton (ACSP) and Paul Beckett (Law Society)

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