![]() Members are also referred to the Money Laundering Regulations 2007 and the Anti-money Laundering Guidance for the Accountancy Sector issued by the CCAB member bodies for further information. This guidance does not deal with the monitoring requirements for trust services providers, introduced by the EU's 3rd and (forthcoming) 4th Money Laundering directives ( further details available here). Members who are invited to act as a trustee in such circumstances may obtain relevant information from The Pensions Regulator, the Charity Commission, and the Financial Conduct Authority (FCA), or from relevant professional or trade bodies 2. In the case of charities, members are recommended to refer to ICAEW’s separate guidance to charity trustees ( available here) and also to take account of guidance from the relevant charity regulator – for charities in England and Wales this is the Charity Commission. Trustee positions held by a licensed insolvency practitioner in that capacity are also beyond the scope of this guidance. The rules which are applicable to trustees of pension funds, charitable trusts, charitable companies or collective investment schemes are not covered. Some of the principles and content of this guidance may be of relevance to other fiduciary roles, such as executors, attorneys and receivers, where a member acts in a position of trust. ![]() This is not a statement of trust law but deals with ethical obligations and guidance for appropriate trustee behaviour generally. It should also be read in conjunction with any other specialist guidance that may be available. See also Appendix A for other sources of guidance and information. For guidance on these and similar issues to do with the day to day running of a trust, members are advised to refer to the guidance available from other sources such as Gov.uk. It does not provide practical guidance on how to run a trust, deal with beneficiaries or manage the assets of a trust. This guidance applies to members, provisional members, affiliates and member firms and illustrates the basic principles that members are expected to follow when acting as a trustee 1, whether or not on a remunerated basis. Managing personal liability - considerations for members.Informing clients of the existence and impact of trustee exemption clauses.The roles and responsibilities of trustees.Appointment and retirement of a trustee.Fundamental principle - professional competence and due care. ![]() The basic principles to follow when acting as a trustee.įirst published in December 2007.
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