Trust Letter

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Trust Letter

A monthly periodical detailing regulatory and legislative news related to trusts. It has been published since the mid-1970s by the American Bankers Association.
References in periodicals archive ?
6 M) for : Failure in protecting client money properly by not putting trust letters in place for certain money market deposits; as well as Failure in taking sufficient care to arrange and control its affairs responsibly in relation to the identification and protection of client money.
The FSA statement read : "These changes rendered BIM's procedures for setting up trust letters ineffective.
And he said he carried out his duties as coroner by sending Mid Staffordshire NHS Trust letters under Rule 43 of the Coroners Rules when he thought matters needed to be addressed.
The Financial Services Authority (FSA) has fined BlackRock Investment Management (UK) Limited (BIM) Au9,533,100 for failing to protect client money adequately by not putting trust letters in place for certain money market deposits, and for failing to take reasonable care to organise and control its affairs responsibly in relation to the identification and protection of client money.
A firm must have a trust letter from any bank holding its client money to ensure that, in the event of the firm's insolvency, client money is clearly identifiable and is ring-fenced from the firm's own assets so that it can be promptly returned.