Preparing for and Submitting an Application Jane D N Bates Head of Authorisations and Companies

Introduction Why it is important to prepare Main areas to address Gathering data Presenting your application effectively

Why Prepare? it is satisfied Commission “shall not grant a licence unless it is satisfied…” CSP licence not guarantee of TSP licence

The Three Tests Integrity Solvency Competence

Solvency Quarterly declaration of solvency Guidance: £25,000 capital and reserves Turnover and expenditure in the audited accounts

Competence Two part test: The competence of the business as a whole to carry on TSP business in accordance with the Act and Codes The competence of each key person to carry out his or her role

Demonstrating Competence - the business as a whole Include a comprehensive Business Plan Principal sources of business The services to be offered Staff structure Experience within the TSP Professional advisers here and overseas Services or advice bought in Control procedures Training

Demonstrating Competence – Key Persons Licensing Policy Trust Corporations Training and Competence Framework Experience and qualifications We encourage CVs Explain experience where it is not obvious Do not under- or over- sell yourself!

Gathering Data Accounts and financial projections Staffing and Group structure Corporate trustees/protectors and what they do Business Plan

Summary Licensing is not automatic, but CSP Licenceholders well placed Focus on demonstrating TSP competencies

Questions Any comments or questions now? Feedback forms at end of session