Speaking at a masterclass in central London at the weekend, Professor Paul Matthews, visiting professor at King’s College London and consultant to Withers, observed that: “It stands up pretty well internationally and we’ll see just how much better the new Guernsey Trust Law is than most of the competition."

“This law strikes me as one of the most well-crafted trust laws that I have come across – and I have seen quite a few. There’s an element of something for everyone and Guernsey has learned from mistakes learned elsewhere and has been rather cautious before making its mark. The wait has been worthwhile," he added.

The masterclass, entitled ‘Guernsey – Highlights of the New Trust Law’, was held at the Institute of Directors (IoD) in Pall Mall and was attended by 120 delegates, including senior figures from some of the leading law firms in London.

Caroline Kirby, a private client Partner from Farrer & Co., commented: “It has been very helpful that Guernsey, which is a nice jurisdiction to work with, in terms of where it is and the professional people there, is now adding to its armoury of what it can offer; also that the new law is coming in after such serious consideration. There was a lot of meat in tonight’s presentation.”

Professor Matthews was the keynote speaker and also chaired the main session which was led by Russell Clark, Partner at Carey Olsen, and included an expert panel comprising Alison MacKrill, Chairman of the Guernsey branch of the Society of Trust and Estate Practitioners (STEP); Jon Heaume, Chairman, of the Guernsey Association of Trustees (GAT); and Michael Betley, Deputy Chairman of GAT.

After the event Mr Clark commented: “I am very pleased with the turnout. Tonight we attracted exactly the right sort of people in the UK trust industry. Many of them will have already had some knowledge or experience of Guernsey and they are influential decision-makers, gatekeepers in their organisations.”

Despite Guernsey’s new Trust Law only becoming effective in March, the Island has this year also introduced fiduciary development forums. It has now held two of what will be a series of discussion sessions with leading London fiduciary professionals, so that it can explore at first hand exactly what introducers of business want from international fiduciary centres.

The findings will form the basis of proposals for the further development of Guernsey’s fiduciary environment, as the Island looks to enhance business flows from the City and beyond.