On-site inspection
A supervisor’s visit to a firm to test its controls, interview its people and examine its records.
Inspections usually begin with an information request: policies, minutes, risk assessments, monitoring results and samples of client files. The visit then tests whether practice matches the documents.
Firms that prepare well are the ones whose evidence already exists, rather than being assembled after the letter arrives.
Where the rules use it.
- GFSC Fiduciary Rules and GuidanceConduct, client asset, record keeping and resourcing rules for fiduciary licensees.Guernsey · 5 controls
- JFSC Code of Practice for Trust Company BusinessThe seven principles a registered trust company business must meet.Jersey · 7 controls
- Isle of Man Financial Services Rule Book 2016Conduct, client money, governance and reporting rules for licenceholders.Isle of Man · 5 controls