Regulatory Alerts2019-07-24
Security of Clients’ Assets: Thematic Feedback for Trust and Corporate Service Providers
The Isle of Man Financial Services Authority issued thematic feedback following inspections of Trust and Corporate Service Providers to address the safeguarding of physical client assets such as yachts, aircraft, property, and chattels. The regulator found that while controls for high-risk assets like yachts were generally effective, significant gaps existed in the management of art and jewellery, including failures to verify location, value, or insurance coverage. The document mandates that licenceholders implement robust policies and procedures to maintain evidence of ownership, ensure appropriate insurance, and subject these controls to periodic monitoring and independent review.
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