Corporate Trustee - is this regulated?

Corporate Trustee - is this regulated?

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A Trustee Company which is part of a national group is the trustee of a Will Trust. The company is authorised by the FCA but it seems that this authorisation - and the regulation of the company - only applies to certain aspects of the work of the Trustee Company.

Where can I find out if it covers their work at the trustee of a will trust?

I have tried the FCA website but that seems to lead to no conclusion. on this.

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By LyneT
26th Feb 2015 11:34

Generally corporate trustees are banks etc if they are part of a national group.  So would generally be regulated to cover investment business.  What do you think the company is doing that they are not authorised to do?

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By Justin Bryant
26th Feb 2015 12:00

There is little regulation of corporate trustees
For example, a trust corporation is just a special kind of company that can give just one signature (rather than 2) when disposing of land to give good title to the buyer under LPA 1925 and under s115(1) Senior Courts Act 1981 unless the company is a trust corporation, it cannot apply for probate using the solicitors' route. Instead someone at the company (e.g. director) would have to apply personally for probate, including attending the interview etc. Apart from that, generally any UK Ltd (or even a BVI Ltd) can be an executor or trustee. You can check all this with a good private client lawyer.

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