Guernsey has held the first in a
series of discussion forums with leading London fiduciary
The Island is hosting the
sessions so that it can explore at first hand exactly what
introducers of business want from international fiduciary
centres. The findings will then form the basis of proposals for
the development of Guernseys fiduciary environment as the
Island looks to enhance business flows from the City and
This process was launched last
week when Peter Niven, Chief Executive of GuernseyFinance, and
three representatives from Guernseys fiduciary sector met in
London with Partners of Allen & Overy, Farrer & Co,
Mishcon de Reya, Lawrence Graham, Stikeman Elliott and
"This was the first in what
will be a series of meetings with top London fiduciary lawyers.
The City is a major source of business for the Island and so we
want to investigate the precise needs of these introducers. We
will then assess what changes we might make, for example
amending legislation or establishing new products, in order for
the Island to have a fiduciary environment that attracts
further flows of business from the City as well as further
afield," said Mr Niven.
"Certainly if this initial
session is anything to go by then we will have a lot of
interesting material with which to work. I look forward to
talking again with those who attended this first forum and
provided very useful feedback and also, as we roll out this
programme, with other leading London fiduciary
This initiative comes at a point
when there are already a series of changes taking place as part
of Guernseys ongoing development programme for its fiduciary
sector. A new Trusts Law, which includes the introduction of
Purpose Trusts and abolishing the personal liability of
directors in Private Trust Companies (PTCs), has been passed by
the Islands parliament, the States of Guernsey, and is expected
to be approved by the Privy Council during February. Work is
also continuing on the introduction of Foundations.
The three Guernsey fiduciary
industry representatives attending the first discussion forum
were Paul Hodgson (Butterfield Trust), Alasdair McLaren
(Saffery Champness) and Russell Clark (Carey Olsen).
Mr Clark, Partner of Guernsey
law firm Carey Olsen and Chairman of the Technical Committee of
the Society of Trust and Estate Practitioners (STEP) Guernsey
branch, said: "Guernsey has been working very hard over
the last few years to modernise its fiduciary infrastructure
but we are far from resting on our laurels.
"These discussion forums
will provide us with the information to further develop our
fiduciary environment in a manner that meets evolving client
needs and therefore enhances our flows from introducers of
Guernsey has over 50 years
experience in providing trust and corporate services. The
Island plays host to some 140 licensed fiduciaries, ranging
from large organisations to independent, boutique operations.
Together they hold more than £200bn worth of assets in
Mr Niven added: "The early
indications are that these forums are a great additional
feedback tool which will prove extremely valuable in helping us
refine our strategy to maximise fiduciary flows. Therefore we
aim in the future to extend this initiative so that we hold
similar discussions with specialist introducers of business to
our funds and insurance sectors."
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