“With just over three weeks left until the end of the authorisation window, we now see that a further 4 applications have been received by TPR. All eyes are still on the remaining 38 which are yet to show their hand, to either submit or choose to exit the market. Given the scale of what’s involved and what’s required, it’s sensible that schemes are taking time to ensure a solid and robust application, although I do hope that TPR is prepared for a possible tsunami of applications which are expected ahead of the 31st March deadline. We see that one request to TPR for an extension has been approved and it will be interesting to see whether any further requests are made – TPR will consider extended application periods by up to six weeks but only where there is “good reason” to do so, due to circumstances beyond the trustees’ reasonable control for example, rather than simply running out of time.
“But submitting the application is not the end of the process and it is definitely not a case of sitting back and relaxing. Subsequent engagement, including face to face meetings, will take place between TPR and key stakeholders involved with the operation of the Master Trust, as well as with the Trustees. Equally, post authorisation, we will move into the new landscape of heightened supervision and the bar will continue to rise, and quite rightly so.”
|
