The updates currently being discussed by the finance industry working group include clarification of the position of former trustees in relation to claims made against them after retirement; a provision relating to non-charitable purpose trusts; and revision of Article 21 of the existing Trusts Law, in line with the ‘prudent investor’ rule followed by the United States and a number of Caribbean jurisdictions.
Advocate Steven Meiklejohn, a member of the working party, said the move to address the issues of liabilities of former trustees would be a benefit not only from the point of view of trustees, but also for the Island’s reputation.
