Guernsey is celebrating success at the STEP Private Client
The Island was named 'International Finance Centre of the
Year' ahead of Jersey and the British Virgin Islands.
"Winning this award is a tremendous achievement. To receive
such recognition from STEP – which is the pre-eminent
professional body for trust practitioners – is a major
endorsement of the experience, expertise and innovation within the
Island's fiduciary industry," said Peter Niven, Chief
Executive of Guernsey Finance.
"The award particularly acknowledges the forward-thinking
nature of Guernsey's fiduciary industry. This year the Island
has introduced a new Trust Law, a new Companies Law and a new
Company Registry and work is on-going to ensure that providers can
offer their clients the very widest range of products and services,
Mr Niven collected the award for 'International Finance
Centre of the Year' and as sponsor of the 'Independent
Trust Company of the Year' category was onstage again to
present that prize to Key Trust. Guernsey narrowly missed out on
the award, where Nerine Trust Company – which was founded
in the Island and still has it as the centre of its group
operations – was shortlisted along with Stonehage.
The awards ceremony took place last week at The Brewery, London,
where the keynote speaker was actor, author and adventurer Brian
Michael Betley, Deputy Chairman of the Guernsey Association of
Trustees (GAT) and founding member of the STEP Guernsey branch,
said: "This success for Guernsey reflects the proactive steps
the Island has taken to meet the needs of our international client
base. In addition, we are increasing our promotional activity in
key European markets such as London and Geneva and building up our
marketing in new jurisdictions like China and the Middle East. Both
GAT and the Guernsey branch of STEP are constantly active in
supporting such developments."
Guernsey has 141 licensed fiduciaries holding between
£250bn and £300bn worth of assets in trust.
Probably the most significant change from previous practice in Guernsey law under the Companies (Guernsey) Law 2008, which came into effect on the 1 July 2008, was the consignment to history of the concept of capital maintenance, which was discarded in favour of a solvency model as the basis of a company’s ability to pay distributions and dividends.
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