Trust-sector nine licensed

Last updated 07:39 20/09/2012

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Nine firms have been granted licences by the Financial Markets Authority to act as securities trustees and statutory supervisors.

The licences are required from next month under new legislation governing the trust sector.

 The nine firms are: Anchorage Trustee Company, BDO Auckland Trustee Company, Covenant Trustee Company, Covenant Trustee Services, New Zealand Permanent Trustees, Public Trust, Statutory Supervisors Southern Ltd, The New Zealand Guardian Trust Company and Trustees Executors.

The FMA said five applicants had withdrawn from the process and one, Prince and Partners Trustee Company, had been declined.

A further three applicants are yet to be processed.

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- © Fairfax NZ News

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