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The Supervisory Regime

In this presentation, Paul de Weerd, Senior Manager in Authorisations, outlines the strategic advancements in the supervisory regime for CSPs. He emphasizes continuity, incremental development, and collaboration between Authorisations and the CSP Supervision Team. Key aspects include the coordination of annual compliance returns, risk assessments, and the importance of on-site evaluations. Highlighting the role of guest panellists from professional organizations, the session aims to foster better governance practices in fiduciary business, ensuring efficiency and regulatory compliance.

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The Supervisory Regime

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Presentation Transcript

  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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