Claire van Rees comments on master trust authorisation in Corporate Adviser
Partner, Claire van Rees, discusses why the master trust authorisation process has been so onerous in Corporate Adviser.
van Rees explains, “the whole process of making an authorisation application has turned out to be more complicated than most of the master trusts were anticipating”, leading to applications being far more back-end loaded than anyone expected.
Whilst TPR acknowledge they have received huge amounts of documentation, one particular challenge master trusts have found has been demonstrating “financial stability and within that sufficient financial reserves to meet the cost if the scheme has a triggering event and has to wind up.”
As a result, “A lot of master trusts have ended up being a lot closer to the wire than they thought at first.”
Read the full comment and article in Corporate Adviser