Professional Qualifications (Trust Company Business)

Summary

This is JFSC guidance supplementing the Codes of Practice for Trust Company Business (TCB Codes). It sets out the professional qualifications the Commission will accept as evidence that trust company business employees are suitably qualified, and explains when a registered person can apply for a variance from the standard qualification requirements.

• Who it applies to: Registered persons carrying on trust company business, in respect of their Category A, B and C trust company business employees.
• Table 4 qualifications: A list of technical and non-technical professional qualifications (e.g. ACIB, STEP diplomas, ACCA, ICAEW, Jersey Advocate/Ecrivain status, legal and accountancy qualifications) accepted for Category A and B employees, and optionally for Category C.
• Table 5 qualifications: A separate list of certificate and foundation-level qualifications specifically relevant for Category C employees.
• Variance applications: A registered person may apply in writing for the Commission to recognise an employee's competence by an alternative method, e.g. equivalent overseas qualifications, exceptional circumstances, incomplete minimum experience producing an anomalous result, or partial completion of a Table 4 qualification.
• Grandfathering variances: Legacy variances remain available for employees who attained full STEP membership by applying on or before 31 December 1998, or who have long-standing relevant experience gained prior to 27 November 2000 (20 years for Category A, 15 years for Category B, 3 years for Category C), certified by the chief executive or managing partner.
• Notification requirement: A registered person must notify the Commission if the percentage of Category C employees holding or studying for a Table 4 or Table 5 qualification falls below 50 percent.
• Non-examination qualifications: If a qualification was obtained by a method other than examination, the Commission must be notified in writing.

Variances granted are personal to the employee's role at that specific registered person and do not transfer automatically if the employee moves to another registered person. The Commission reviews and updates Tables 4 and 5 periodically.

Key obligations

• Registered persons must notify the Commission if the percentage of Category C trust company business employees holding or studying for a Table 4 or Table 5 qualification falls below 50 percent.
• Registered persons must notify the Commission in writing where a qualification was obtained by a method other than examination.
• A registered person seeking a variance from the standard professional qualification requirements for an employee must submit a written application to the Commission.
• Any variance granted by the Commission applies only to the employee's role at that particular registered person and does not transfer if the employee moves employer.

Applies to

registered persons (trust company business), Category A trust company business employees, Category B trust company business employees, Category C trust company business employees

Deadlines

• 31 December 1998: Cut-off date by which an individual must have applied for full STEP membership to qualify for the grandfathering variance available to all trust company business employees.
• 27 November 2000: Relevant experience must have been gained prior to this date to qualify for the experience-based variance from Table 4/Table 5 qualification requirements.