Licensed Trust Undertakings are requested to provide the BMA with an independent report on their compliance with the First Schedule of the Trusts (Regulation of Trust Business) Act 2001, in connection with Section 7.2 of the Trusts Code of Practice 2010 regarding segregation of monies.

An Oyster Segregation of Funds Review includes:

  • Confirmation of the segregation of client monies from the trust undertaking in separate and distinct accounts;
  • An assessment of the quality and completeness of disclosures to clients on the terms upon which client money is held;
  • An assessment of the design and effectiveness of the internal controls in place for prompt reconciliation of client money accounts;
  • An assessment of the design and effectiveness of internal controls ensuring that payment of client monies adheres to a dual signature protocol; and
  • An assessment of the adequacy of controls preventing inappropriate use of client monies.

The Oyster Difference

Oyster’s consultants will work with your team to make sure our assessment is fair and accurate. Prior to issuing a final report, we will prepare a draft report for discussion, identifying efficient and practical ways to close gaps and achieve best practices. Oyster has worked with many different types of regulated clients, small to large, with a variety of different business models.