Regulation 3 Conditions for registration

The conditions for registration prescribed for the purposes of section 23(4) of the 1995 Act (power to appoint independent trustees) are—

(a)

the applicant must not, at the time he is making the application or at any time while he is registered in the trustee register, be any of the following—

(i)

the subject of a prohibition order made under section 3 of the 1995 Act M1 (prohibition orders),

(ii)

the subject of a suspension order made under section 4 of the 1995 Act M2 (suspension orders), or

(iii)

disqualified for being a trustee of any trust scheme on any of the grounds set out in subsection (1) of section 29 of the 1995 Act M3 (persons disqualified for being trustees), or by virtue of being the subject of an order made under subsection (3) or (4) of that section;

(b)

the Regulator is satisfied that—

(i)

the applicant has sufficient relevant experience of occupational pension schemes,

(ii)

the applicant is a fit and proper person to act as a trustee of an occupational pension scheme,

(iii)

the applicant operates sound administrative and accounting procedures, and

(iv)

the applicant has adequate indemnity insurance cover;

(c)

where the applicant is not an individual—

(i)

each officer of the applicant must satisfy the conditions specified in paragraphs (a) and (b)(ii) above, and

(ii)

each key person must satisfy the conditions specified in paragraphs (a) and (b)(i) and (ii) above;

(d)

the applicant has premises in the United Kingdom from which he conducts his business as a trustee of an occupational pension scheme, and he discloses the address of those premises to the Regulator;

(e)

the applicant agrees—

(i)

to have his fees and costs scrutinised by an independent adjudicator and to be bound by that adjudicator's final adjudication as to his fees and costs,

(ii)

to the Regulator disclosing his name, business address and the areas of trustee work in which he specialises on the version of the trustee register which is to be publicly available,

(iii)

to comply with reasonable requests of the Regulator to provide information to the Regulator, and

(iv)

to inform the Regulator as soon as is reasonably practicable if he becomes disqualified under section 29 of the 1995 Act—

(aa)

for one of the reasons set out in subsection (1) of that section, or

(bb)

by virtue of being the subject of an order made under subsection (3)(b) of that section.

Annotations

Marginal citations

M1: Section 3 is substituted by section 33 of the 2004 Act.
M2: Section 4 was amended by section 8 of, and paragraph 19(1) and (2) of Part 2 of Schedule 4 to, the Insolvency Act 2000 (c. 39), and by sections 34 and 319(1) of, and paragraphs 34 and 35 of Schedule 12 to, the 2004 Act.
M3: Section 29 was amended by section 8 of, and paragraph 19(1) and (3) of Part 2 of Schedule 4 tom, the Insolvency Act 2000, by S.I. 2004/1941, and by sections 319(1) and 320 of, and paragraphs 34 and 45 of Schedule 12, and part 1 of Schedule 13 to, the 2004 Act (this last amendment was not yet in force at the date of the coming into force of these Regulations)..