23 July 2008
The Economic Development Department has today issued a consultation paper reviewing Jersey’s trusts law. The Island’s trusts industry is widely recognised as a world leader and Jersey’s trusts law is much copied by other jurisdictions. This law forms the foundation for the work done by the Island’s highly-skilled trusts professionals and this in turn attracts significant volumes of bank deposits. Other jurisdictions, particularly Switzerland and Guernsey, are competing hard for trusts business. The industry is therefore highly competitive and evolving rapidly. This consultation will help ensure that Jersey’s trusts law remains up to date, reflects recent international developments, and continues to provide a framework that confirms Jersey’s position as a market leader.
Senator Philip Ozouf, the Minister for Economic Development, said: “The Trusts Law has been to a great extent the engine for the growth of our financial services industry in the last 20 years. Our Law was the first in the market place and others have followed our lead. Subsequently, trusts laws in other places have evolved and in some cases moved ahead of our own product. This consultation is designed to see how we should develop our Trusts Law so as to hone our competitiveness.”
The consultation paper covers ten discrete areas of possible reform, with proposals and questions for respondents to consider in each case.
This consultation is an opportunity for all interested parties to submit their views to Economic Development to ensure that Jersey’s trusts legislation develops in a way that ensures the maximum overall benefit for the Island. Responses are invited by 19 September 2008.