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Fiduciaries Handbook for TSP licence applicants 12 September 2005

    The Financial Supervision Commission is pleased to announce that the Fiduciaries Handbook is now available on its website www.fsc.gov.im.

    The new handbook updates the old CSP Handbook to reflect the changes made by the Fiduciary Services Act 2005, which extended the application of the Corporate Service Providers Act 2000 to trust service providers. The updated Handbook also consolidates all the relevant licensing information for fiduciaries and so should be easier to use.

    The Commission has been accepting TSP licence applications since 1st August and expects to issue the first TSP licences before the end of the year.

    Commenting on the progress with licensing TSPs, Jane Bates, Head of Authorisations, said –

    Experience so far indicates that the fact that many TSP applicants are CSPs who are already familiar with the licensing process, has considerably smoothed the TSP licensing process in many cases and the first applications have moved quickly through the system.”

    The Commission expects to receive in excess of 150 TSP licence applications and TSPs are reminded that from 1st November 2005 it will be illegal to continue in business unless they either hold a TSP licence or have applied for one. Those who have not yet applied are encouraged to do so without delay to avoid a last minute rush. The Authorisations section on the FSC’s website answers frequently asked questions under the heading “How to apply for a licence”. If you require assistance with preparing your TSP licence application, please contact the Authorisations Team (see below).

    Enquiries regarding licence applications should be addressed to:

    Paul de Weerd, Senior Manager

    Tel: 689337

    Email: paul.deweerd@fsc.gov.im

    12th September 2005

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