What is a TSCP and are we one?
Trust and Service Company Provider?
A: SenseCheck
- 1 Yes
- 0 No
- 0 Other
- 11 Aug 2023
-
Yes
|
Simple
Yes and Yes.
As defined in the Trust or company service provider guidance for ML supervision a:
TCSP is the term used to describe a firm or sole practitioner carrying out the following activities by way of business in the UK:
- Provision of formation services for firms or other legal persons
- Acting, or arranging for another person to act, as a director or secretary of a company
- Acting, or arranging for another person to act, as a partner (or in a similar capacity for other legal persons)
- Providing a registered office, business address, correspondence address or administrative address for a company, partnership, or other legal person or arrangement
- Acting, or arranging for another person to act, as a trustee of an express trust or similar legal arrangement
- Acting, or arranging for another person to act, as a nominee shareholder for another person, unless the other person is a company listed on a regulated market which is subject to acceptable disclosure requirements
TCSPs must comply with the Regulations. You must not carry on business as a TCSP unless you either: - are an FCA authorised firm,
- are supervised by a professional body that is listed in Schedule 1 of the Regulations, for example the Institute of Chartered Accountants in England and Wales or the General Council of the Bar, or
- are registered for supervision with HMRC.
Two of the Truva entities are registered with HMRC as TCSPs - Truva Corporate Administration Limited (already registered) and Truva Trust Corporation plc (in the process of registration - summer 2023)
|
Comment