Trustee Corporations Association of New Zealand

The TCA is a long-established voluntary association to which all statutory trustee corporations belong. The members of the TCA are Public Trust and each of the trustee corporations authorised under the Trustee Companies Act 1967 to administer the estates of deceased persons and other trust estates - being Guardian Trust, Perpetual Trust, New Zealand Permanent Trustees Limited (wholly owned by Public Trust) and Trustees Executors Limited. Covenant Trustee Company, although not authorised under the Trustee Companies Act 1967, is an associate member of the TCA.

TCA maintains relationships with government ministries, regulatory bodies and financial sector groups. TCA sets minimum standards as practice guidelines for the performance of corporate trust managers - standards for integrity, competence, financial capacity, internal controls, powers and duties, standards for conflict of interest and for reports from scheme operators.

TCA members act as trustees for financial products offered to the public. These include debt securities, debenture stock, unsecured notes, convertible notes, unit trusts, participatory securities, retirement villages, syndicated investments, credit union and building society products, externally managed group investment funds, and superannuation products.

TCA members provide investor protection in a number of ways and at various levels. They provide independent prudential supervision of financial arrangements. In certain instances fund managers must appoint a corporate trustee to meet regulatory requirements before they can launch a financial product. Where a corporate trustee has been appointed in relation to a financial product, the investors can take comfort in the fact that a competent and professional organisation is there to watch and protect their position.