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Reminder on the Licensing of Trust Service Provider businesses 27 September 2005

    The Financial Supervision has issued a public notice, which gives a reminder of the timetable for applications from persons who wish to apply for a licence as a Trust Service Provider.

    From the first of November 2005 it will be illegal to conduct trust service provider business unless either the business is licensed or an application has been made to the Commission for a licence before that date.

    The FSC’s Head of Authorisations and Companies, Jane Bates, commented: “The public notice is aimed at anyone who might be doing business in this field but is not already regulated by the Commission. However, it will also serve as a timely reminder to our existing licenceholders who need to apply for a new licence and have not yet done so.

    “We would like to emphasis that the legislation is aimed at people who act as trustees provide services to trusts by way of business. It is not intended to affect, for example, volunteers who act as trustees of a local charity, but anyone who is in doubt as to whether they need a licence should contact the Commission as soon as possible.”

    Enquiries concerning this press release should be addressed to: Paul de Weerd, Senior Manager Authorisations, Financial Supervision Commission, PO Box 58, Finch Hill House, Bucks Road, Douglas, IM99 1DT. Tel: 689337. Email: paul.deweerd@fsc.gov.im.

    Financial Supervision Commission
    September 2005

    27th September 2005

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