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HMRC internal manual

Money Laundering Regulations: Compliance

HM Revenue & Customs
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Trust or Company Service Providers (TCSPS): How do professional trustees operate?

Many professional trustees are solicitors and regulated by the Law Society but a number come under our supervision. We have found that a number of these are connected with the pensions industry where they provide advice on the setting up of company pensions schemes which operate under a Deed of Trust. The settler is the company and the beneficiaries are the company directors. Professional trustees charge a fee for the advice and management skills that they use in the running of the trust.