The Supervisory Regime

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)