Guernsey is planning to introduce a voluntary code of conduct
for QROPS providers based in the Island.
It is expected that a working party drawn from the industry will
be formed within the coming weeks and a code of conduct put in
place later in the year. The code will be reviewed periodically to
ensure that it meets the evolving needs of the industry. Providers
adopting it will be able to advertise the code to clients.
"This is all about QROPS providers in the Island uniting
together to drive best practice within the sector," said Peter
Niven, Chief Executive of Guernsey Finance.
"The industry itself wants to make sure everyone is singing
from the same hymn sheet. Therefore a code of conduct is an ideal
way of ensuring a benchmark and this will in turn provide advisers
and their clients with enhanced confidence that we in Guernsey are
working to high, transparent standards. Normally codes of conduct
are imposed on sectors so it is extremely positive that a code of
conduct is coming from within the Island's finance
The announcement was made to more than 100 delegates at the
masterclass 'Guernsey QROPS – a pension for
L.I.F.E.' held at the Grange St. Pauls Hotel in London during
yesterday afternoon. This technical update followed last
September's highly successful introduction to Guernsey
"The calibre of the speakers and the quality of the
responses and questioning from the audience made this event the
most interactive so far and ensured that it was yet again a
resounding success," said Mr Niven.
"There is a huge appetite among UK IFAs [independent
financial advisers] for more and more detailed information on QROPS
and we shall continue with our series of events to ensure that
demand is satisfied and that the QROPS business flows to Guernsey
strengthen over the coming months."
The panel of expert speakers comprised: Alison Vine, Tax
Director at Ernst & Young; John Lewis, Partner at Mourant du
Feu & Jeune; Rex Cowley, Managing Director of Close Wealth
Management; Dion Lindskog, Head of Life and Pensions at RBC; and
Jane Goodall, Business Development Director at Bourse Group.
Through three case studies they explored a range of issues
relating to Guernsey QROPS, including taxable property, suitable
investments, cost benefit, counterparty risk and
John Tucker, Head of Sales at Legal and General International,
said: "The way of approaching it through the case studies was
excellent. It was practical and pragmatic as well as including some
theoretical discussion so I think it was really
Paul Ockleford, Business Development at Willow Fiduciaries in
Guernsey, said: "It was very helpful and informative and of
great interest to a lot of individuals. Whether you are an IFA or
already in the industry there was a lot of helpful information
there and some sound technical knowledge from a good
The free masterclass took place at the Grange St. Pauls Hotel,
10 Godliman Street, London, on Wednesday 17 March 2010 from 4pm.
The main presentation was followed by a Q&A session and then a
drinks and canapés networking reception.
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