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THE

BEECHAMBER

WEEKLY TFM ARTICLES

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   Weekly Newsletter
   
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   * 1 min read




WHAT IS AN INDEPENDENT COMPETENT PERSON?

The Socio-Economic Development element requires an Independent Competent Person
(ICP) to present an Independent Competent Person’s Report to confirm that the
requirements of an organisation’s Socio-Economic Development contributions have
been met and that a claim is indeed legitimate.











As per Schedule 1 a “Competent Person” means a person who has acquired through
training, qualification and experience the knowledge and skills necessary for
undertaking any task assigned to them under the codes.”






An ICP must have no conflict of interest when nominated to sign off on an
organisation’s Socio-Economic Development initiative. Such a person must have
sufficient training and experience or knowledge, as well as other qualities that
allow them to assist an organisation in the capacity of an ICP. The competence
level depends on the initiative's complexity and the requirements of a
particular assessment. An ICP must have a duty of care to an organisation’s
investors.






Socio-Economic Development Services are available to assist organisations that
wish to confirm the competence of an ICP.



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