FMA announces licensing of Securities Trustees and Statutory Supervisors

Media Release
19 September 2012

The Financial Markets Authority (FMA) has today announced the granting of nine licences to Securities Trustees and Statutory Supervisors. The successful licensees are:

Anchorage Trustee Company Limited
BDO Auckland Trustee Company Limited
Covenant Trustee Company Limited
Covenant Trustee Services Limited
New Zealand Permanent Trustees Limited
Public Trust
Statutory Supervisors Southern Limited
The New Zealand Guardian Trust Company Limited
Trustees Executors Limited

All licences have been granted subject to conditions particular to each applicant.

All trustees and statutory supervisors are required to be licensed under the Securities Trustees and Statutory Supervisors Act 2011, which came into effect on 1 October 2011.

FMA declined the application of Prince and Partners Trustee Company Limited. During the licensing process five applicants withdrew. Decisions on three further applicants will be made by 30 September 2012 when all temporary licences expire.

FMA Head of Compliance Monitoring, Elaine Campbell, said applicants had to satisfy FMA, having regard to the conditions that FMA imposes on each licence, that they could effectively perform their trustee or statutory supervisor role.

"In reviewing each applicant, FMA has ensured every director and senior manager is of good character, that they are registered on the Financial Service Providers Register (FSPR), that they have the relevant experience, skills and qualifications to do the job, and robust and detailed procedures for ensuring compliance of each supervised interest," Ms Campbell said.

"FMA will have oversight of trustees and statutory supervisors, whose role it is to protect the interests of security holders and residents of retirement villages."

Licences have been granted for periods of up to five-and-a-half years.

Ends

Contact:
Tony Reid on 021 739 052 or tony.reid@fma.govt.nz