Exemption from the need to register

Regulation 7 of the Financial Service Providers (Exemptions) Regulations 2010 exempts individual trustees from having to register on the FSPR in their own name as individual financial service providers BUT all trustees of the trust, or the superannuation scheme, must jointly register as an unincorporated body.

A Board of Trustees can register on the FSPR as ‘The Trustees of the [name] Trust’ or ‘The Trustees of the [name] Superannuation Scheme’ (as examples).  To do this, trustees must choose their ENTITY TYPE as OTHER ENTITY when they start the registration application.  Choosing this entity type will allow Trustees to register as a group as an unincorporated body.

Please note - All trustees must be named in the FSPR registration application as the equivalent of ‘directors’ so that they can be checked for disqualification purposes under section 14 (that is, they are not an un-discharged bankrupt for example).  Those details will not be available for public view on the FSPR but will be held by the Registrar of Financial Service Providers and can be shared with other regulatory agencies on request.