Guernsey STEP Branch Celebrates 10 Years On The Island

by Jason Gorringe, Tax-News.com, London

22 June 2005

It emerged this week that Guernsey's trust sector has celebrated the 10th anniversary of the local branch of the Society of Trust and Estate Practitioners (STEP).

A reception was held on the eve of the Guernsey STEP conference at Castle Cornet. Guests included Geoffrey Rowland, Guernsey's Bailiff-elect, and John Harper, the treasurer of STEP WorldWide.

Speaking on the occasion of the 10th anniversary of the Society's establishment on the Island, Stephen Trevor, Director of Fiduciary Services at the Guernsey Financial Services Commission, observed that there was a very strong relationship between the trust sector and the regulatory authorities in the island.

A licensing and supervision system covering the fiduciary sector was introduced in 2000, which revealed that around 60,000 trusts were administered in Guernsey along with around 48,000 companies incorporated in various jurisdictions throughout the world.

Mr Harper commented that the Guernsey branch was extremely active and that, together, Guernsey and Jersey accounted for more than 12% of STEP membership worldwide.

Chairman of STEP in Guernsey, Gavin St Pier, went on to explain that:

"The fiduciary sector in Guernsey is a very diverse business with providers ranging from banks or institutionally-owned trust companies to privately controlled companies managed by professional firms or individuals."

"The education, training, representation and networking that are made available through STEP membership have proved invaluable to the Guernsey membership. In recent years STEP in Guernsey has also become increasingly active as a major contributor to policy debate on issues affecting the trust sector."

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