Older people need connection, not just physical safety

The UK-based Mental Health Foundation organises Mental Health Awareness Week, which this year has the theme of loneliness. STEP is acutely aware of the impact of loneliness on not just people’s emotional well-being but also their financial security. We covered the issue of predatory marriage in a recent issue of the STEP Journal. Older people… Read More Older people need connection, not just physical safety

European Council imposes fifth package of sanctions against Russian trusts

In light of Russia’s continuing war of aggression against Ukraine, the European Council (EC) has imposed a fifth package of economic and individual sanctions against Russia on 8 April 2022. This blog explains the purpose of these sanctions and the actions that EU practitioners who are involved in Russian trusts need to take as a… Read More European Council imposes fifth package of sanctions against Russian trusts

HMRC releases report on its review of powers to uphold its standard for agents

The UK’s HM Revenue and Customs (HMRC) has recently published a review of its powers to tackle poor agent behaviour and uphold standards for its agents. This follows an HMRC call for evidence in 2020 about raising standards in the tax advice market, which STEP responded to. STEP also replied to the consultation through the… Read More HMRC releases report on its review of powers to uphold its standard for agents

LPAs no longer require discretionary investment express provision

STEP is delighted to confirm that the Office of the Public Guardian (OPG) has agreed to change its guidance on the requirement to have express provision for a discretionary investment management clause within a financial lasting power of attorney (LPA) in England and Wales. Many attorneys do not have the necessary expertise to invest their… Read More LPAs no longer require discretionary investment express provision

FATF’s adopted amendments to Recommendation 24

The Financial Action Task Force (FATF) announced a public consultation of its review of Recommendation 24 in 2020. STEP attended multiple public and private meetings with FATF to discuss the potential amendments to the regime. The overarching objective of the review is to strengthen the measures in place and mitigate the obstacles to transparency and risks… Read More FATF’s adopted amendments to Recommendation 24

Advancing education and best practice for trust and estate practitioners in China

The demand in China for wealth management services, in particular the creation of charitable and family trusts, continues to rocket, as Chinese families want the best possible advice when planning their assets across generations.  Following recent announcements to further develop the trust law in China, the Chinese Trust Registration (CTR) – China’s nationwide registration and… Read More Advancing education and best practice for trust and estate practitioners in China

Research shows value of Continuous Professional Development (CPD)

What evidence is there that Continuous Professional Development (CPD) is effective? Research already exists on the value and impact of CPD on individuals but little on its value and impact on the professions, the general public and the employers. To help address this knowledge gap, STEP was one of the partners in a research consortium… Read More Research shows value of Continuous Professional Development (CPD)