Guernsey Finance to explain new law in Guernsey
A new foundations law is expected to be introduced in Guernsey by the end of the year. Guernsey Finance will hold a seminar in London on September 18, titled The Foundations Alternative, to inform the wealth management industry of the nature of these changes and the affect they will have.
The legislation has already been agreed in principle by the State of Guernsey, but official approval is expected later this month. Following approval it will be sent for final ratification by the UK Privy Council.
The new law is set to expand the choice on offer to the fiduciary management sector and the flexibility of the wealth management structures for firms setting up on the island.
The event in London will address the importance of considering a foundation structure instead of a trust, since such a setup may appeal more to certain types of firms.
Fiona Le Poidevin, chief executive of Guernsey Finance (pictured), said: “In particular, the foundation structure is attractive to clients based in civil law jurisdictions in Europe and also further afield in the emerging markets of China, Russia and Latin America, where the trust concept is less familiar than in common law countries such as the UK.”
The overall value of funds under management and administration in Guernsey was above £270bn at end of March according to Guernsey Finance, which marks a 2.4% increase year on year.