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HMRC internal manual

Holding and Movements - Financial Securities Assurance

The role of the Financial Securities Centre: Responsibilities

The role and responsibilities of the FSC is to:

  • Control the issue of new guarantees;
  • Hold the guarantees;
  • Control amendments as requested by the Principal or Guarantor;
  • Control amendments as requested as a result of HMRC review action;
  • Process all claims made against guarantees;
  • Control the ‘Lapsing’ of Guarantees requested by the Guarantors;
  • Control the ‘Lapsing’ of Guarantees requested by Assurance Officer/Risk Manager/CRM;
  • Deal with requests from the trade on validity of guarantees;

They will also inform the Risk Manager/CRM:

  • When a request for a guarantee is received;
  • A new guarantee has been accepted;
  • Any changes are made to guarantees;
  • A guarantee is lapsed;
  • A guarantee is cancelled.