COB 5.8 COB 5.8 Qualification and Experience of Trust Service Provider Staff
Staff employed or
Personsrecommended by the Trust Service Providermust have appropriate qualifications and experience.
Trust Service Providermust ensure that all transactions or decisions entered into, taken by or on behalf of Clientsare properly authorised and handled by Personswith an appropriate level of knowledge, experience, qualifications and status according to the nature and status of the transactions or decisions involved (this applies also to decisions taken by trustees who are recommended by, but not employed by, a Trust Service Provider).
Trust Service Providermust ensure that, each of its officers and employees, agents, Personsacting with its instructions and Personsit recommends to act as trustees have an appropriate understanding of the fiduciary and other duties of a trustee and any duties arising under the laws relevant to the administration and affairs of Clientsfor which they are acting in the jurisdictions in which they are carrying on business and in which the assets being managed are held.
Trust Service Providermust ensure that staff competence is kept up to date through training and continuous professional development as appropriate.
COB 5.8.5 [Deleted][Deleted] RM123/2013 (Made 13th June 2013). [VER22/07-13]