Guernsey fiduciary practitioner Michael Betley has received a
Founder Award from the Society of Trust and Estate Practitioners
(STEP) for his outstanding voluntary contribution to the local
branch since its inception 14 years ago.
Mr Betley, Managing Director of the Trust Corporation of the
Channel Islands (TCCI), was a founding member of the Guernsey
branch when it was established in 1995. He began as Secretary,
became Chairman and then continued on the committee until two years
ago, although he still remains an active member.
"I am extremely flattered to receive this award but of
course the Guernsey branch could not be the success that it is
without the continued commitment of a number of active members, of
which I am just one," said Mr Betley.
He was nominated for the award by the current STEP Guernsey
committee, led by Chairman Alison MacKrill.
She said: "This is the first time that STEP has presented
such awards but on receiving the nomination forms we immediately
recognised that we had an ideal candidate in Michael. He was a
founder member of the local branch, spent four years as Chairman
and has been particularly active in a number of areas, including
writing about Guernsey issues across STEP publications. He is the
embodiment of a spirit that is critical not only for the creation
but also the sustained health of the society and its branches as
represented by this award."
STEP Guernsey now has more than 500 members, making it one of
the largest regional branches. It plays a key role in enhancing
professional standards, whether that is providing training through
qualifications, courses and lectures, funding research and
publications or ensuring the visibility of the sector at
recruitment fairs. The branch works with other sectors of the
finance industry and the Guernsey Training Agency (GTA) University
Centre to facilitate the best return in these areas.
There is also close cooperation with organisations such as the
Guernsey Association of Trustees (GAT), which takes primary
responsibility for liaising with government and the regulator in
relation to fiduciary matters and also Guernsey Finance –
the promotional agency for the Island's finance industry.
Peter Niven, Chief Executive of Guernsey Finance, said:
"Firstly I would like to congratulate Michael on winning this
award, which is thoroughly deserved. It is notable that this
recognition comes just a few months after Guernsey was named
'International Finance Centre of the Year' at the STEP
Private Client Awards 2008/9.
"Guernsey's fiduciary industry benefits enormously from
having a large and active STEP membership and this has been
achieved by development over more than a decade. As the branch has
become stronger so there has been increased cooperation between
industry, government, the regulator and Guernsey Finance to enhance
the Island's fiduciary offering and several years' hard
work resulted in a new Trust Law, new Companies Law and new
Guernsey Registry all coming on-stream in 2008. It has taken time
to get where we are today but now everything is coming to fruition
and there is every sign that we can sustain this
Mr Betley added: "Guernsey's fiduciary sector has not
been immune from the developments in the world economy but it has
not been affected as dramatically as other parts of the global
finance industry. The sector is already renowned for its longevity
and this current situation demonstrates how we are less susceptible
to major swings. Guernsey's fiduciary industry is particularly
well placed due to its depth and variety of work and we can see
certain potential opportunities arising from the developing
"Even so we must not be complacent. STEP continues to
provide an excellent education programme but if Guernsey is to
continue to innovate and develop then we need to continually raise
both technical and practice standards."
Mr Betley will be presented with the award on Thursday 29
January when the Guernsey branch of STEP receives a presentation
from the Guernsey Financial Services Commission (GFSC) on
developments since the introduction of new AML/CFT legislation at
the end of 2007.
Guernsey is a leading international fiduciary centre with 50
years experience of supplying trust and corporate services. The
Island plays host to some 150 licensed fiduciaries, ranging from
large organisations to independent, boutique operations, holding
between £250bn and £300bn of assets in trust.
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