CIFO guidance on Trust Beneficiaries
13/02/2024
CIFO guidance on Sufficiently Close Relationship of Trust Beneficiaries to a Financial Services Provider to a Trust Introduction
Some complaints referred to CIFO involve investments recommended by a financial services provider [FSP], held in trust. In these cases, the FSP is a service provider to the trust (serving as an investment manager).
The trust provider is also a financial services provider and is, therefore, not an eligible complainant against the respondent FSP under the law governing CIFO’s mandate.
Several trust providers, therefore, asked the CIFO to consider whether.
- Trust beneficiaries could complain against the FSP providing investment management services to the trust.
- Are trust beneficiary eligible complainants by virtue of their sufficiently close relationship with the respondent FSP service provider to the trust?
CIFO
- Asked the respondent FSP for its views on this matter.
Responses
- CIFO was provided with an extensive written opinion from the respondent FSP’s external counsel.
CIFO
- Also asked the trust providers that had requested this decision to provide their views.
Responses
- CIFO received a substantial written response from one trust provider.
- Two other trust providers submitted emails expressing their high-level views.
Read more here https://www.ci-fo.org/wp-content/uploads/210201-Close-relationship-of-Trust-beneficiaries-to-FSP-1.pdf
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.