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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

The Supervisory Regime

Paul de Weerd

Senior Manager - Authorisations

introduction
Introduction
  • Initial thoughts
  • Build on what we have
  • Continuity
  • Incremental development
csp supervision team
CSP Supervision Team
  • Michael Weldon – Head of Supervision
  • Sue Ferrario - Manager
  • Geraldine Smith - Manager
  • Lynda Cain – Supervision Officer
  • Nathan Holden – Supervision Officer
handover from authorisations
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
csp supervision processes
CSP Supervision Processes
  • Annual Compliance Return
  • Business Meetings
  • Visits:
    • Supervisory
    • Focus
    • On-Site Risk Assessment
tsp supervision process
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
private trust companies
Private Trust Companies

Administering the exemption

  • Exempted if administered by a TSP
  • Requirement to notify FSC
  • List with Annual Compliance Return
focus of supervisory visits
Focus of Supervisory Visits
  • Focus on process:
    • KYC
    • Administration,
    • Record-keeping
    • Accounting
  • Not second-guessing trust law
summary
Summary

No news is good news!

over to the panel
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)