17 March marked 10 years since the Trusts (Guernsey) Law, 2007, came into full effect. The legislation, which replaced the Trusts (Guernsey) Law, 1989, was designed to create a more flexible framework for the local trust industry and to provide better protection for both settlors and trustees.
Russell Clark, who heads up the trust and private wealth practice at Carey Olsen, said the legislation was ahead of its time when in came into force 10 years ago and that continued to be the case today.
Since its inception in 1989, the Guernsey Trusts Law has been extremely welcome and robust legislation that has helped to underpin the development of the fiduciary industry in Guernsey. We have continued to improve it and tweak it over time and are now seeing many of the changes introduced in 2008 being copied elsewhere. For example, Jersey is now looking to introduce a ‘non-possessory lien’ along the same lines of that which we introduced in the 2007 revision.
In addition to clarification around the position of retiring trustees which saw Guernsey create a ‘non-possessory lien’ over trust assets in favour of retiring trustees, other key changes brought in 10 years ago included the introduction of purpose trusts, a removal of limits on the length of a trust’s duration and clarification around the rights of beneficiaries to information.
Mr Clark added:
It is reassuring that our innovations of a decade ago are being adopted elsewhere, but we must continue to keep the legislation under review. We need to ensure that it remains fit for purpose and that it maintains a balance between the desires of settlors on the one hand and the rights of beneficiaries on the other.
We are delighted to announce that following our take over of the Blenheim Group, we have moved to new offices to accommodate our increase in staff numbers and expanded client base.
Our new address is:
PO Box 635, St Peters House, Le Bordage, St Peter Port, Guernsey, GY1 1BR.
All telephone numbers and email addresses will remain the same. Please could you amend your address records accordingly.
The new office is only a few doors away from where we were previously located and we hope to welcome you in to our new premises in the near future.
We are delighted to have been shortlisted in the Boutique Trust Company of the Year in this year’s Magic Circle Citywealth Awards.
The Magic Circle Citywealth Awards are held annually in Spring to find the best advisors and managers in the global industry. Entries can either be by nomination from the global industry or companies can also send in detailed submissions. All entries for each category are then shortlisted as finalists by a judging panel featuring 10 global industry experts. All voting is done online, which opens once the finalists have been announced.
An independent panel of industry judges determines the winners.
Additionally, the shortlist is published online and online voting is open until 15 April. The online vote carries the weight of one additional judge. Over 17,500 votes were received for the 2017 shortlist.
Companies are assessed on a wide range of criteria including:
Company growth and development
Number and size of client
Staff development and training strategy
Range of products/services
Innovative solutions to private client situations
Leadership and vision
The winners will be announced on Wednesday 10 May at a black tie event at the Hilton, Bankside in London..
If you would like to vote for us, please click HERE.