HMRC: no more safe havens

Treasure chestThis week STEP hosted a seminar to update members on HMRC’s latest moves to tackle tax evasion and avoidance.

Entitled, ‘An essential update on HMRC’s activity to tackle tax evasion and avoidance, including information exchange, new powers and its impact on professional advisors,’ the seminar took place at BDO LLP’s office in London. Speakers included John Shuker from the HMRC International & Offshore Evasion Team, and Dawn Register TEP of BDO LLP.

The introduction of the Common Reporting Standard (CRS) this year follows a raft of governmental efforts including the Foreign Account Tax Compliance Act (FATCA) and the EU Directive 2003/48/EC (the EU Savings Directive) to improve cross-border tax compliance. The Offshore Evasion Team has focused on clamping down on UK tax evaders, in particular:

• Moving UK gains, income or assets offshore to conceal them from HMRC
• Not declaring taxable income from overseas, or taxable assets kept overseas
• Using complex offshore structures to hide beneficial ownership of assets.

The tax gap for 2014-2015 is estimated to be GBP36 billion, with GBP 5.2 billion attributed to tax evasion.

HMRC launched the campaign ‘No Safe Havens’ in 2013 with the objective of ensuring that there are no jurisdictions where UK taxpayers can hide their income and assets. It also implemented a number of disclosure facilities to give people the incentive to come forward and pay tax voluntarily, before they are detected and sanctioned.

In the last two years, HMRC has vigorously escalated its tax evasion strategy. The Worldwide Disclosure Facility opened last September, in addition to a new requirement for all financial institutions and tax advisers to notify their customers about new automatic exchange of information agreements.

The following further measures are due to be implemented in 2017:

Corporate Criminal Offences of Failure to Prevent Facilitation of Evasion
This will apply to corporations who fail to prevent their agents from criminally facilitating tax evasion (facilitating evasion is already considered a criminal offence). The offences will apply to domestic or overseas corporations whose agents facilitate the evasion of UK taxes, or a domestic corporation which facilitates the evasion of tax overseas.

Tackling Offshore Tax Evasion: A Requirement to Correct
Taxpayers will be obliged to disclose any outstanding UK tax related to offshore investments or assets, or face ‘failure to correct’ penalties. These penalties will be significantly higher than for those who voluntarily put their affairs in order, and will be a minimum of 100%.

STEP’s Technical Committee has submitted responses to a variety of HMRC’s consultation papers relating to tax evasion below:

 

Emily Deane TEP is STEP Technical Counsel

How to win a STEP Private Client Award

George HodgsonEntries are open for the 2017/18 STEP Private Client Awards until 28 April 2017. The Awards are widely acknowledged as being one of the premier events in the private client industry calendar. Winning an Award is also a very clear and recognised hallmark of excellence.

How then, do you go about winning an Award?

Enter
The Awards are free to enter (we simply ask entrants to consider a donation to charity) and open to all firms and practitioners in the industry.

There can sometimes be a perception that the Awards are only for larger firms, but almost every year smaller firms impress the judges by demonstrating innovation, an exceptional focus on a particular area or an outstanding rapport with their clients. Applications from all sizes and types of firm are therefore welcome.

Similarly potential entrants away from the major industry centres sometimes feel they might be disadvantaged. The judges for the awards are nevertheless increasingly international and drawn from across the spectrum of the private client industry. Strong entries will always attract attention from the judges, wherever they originate from.

Don’t just copy and paste from marketing materials!
You will be judged by fellow senior industry professionals and the language and tone of your entry needs to reflect that fact. Cutting and pasting from your website or marketing material will usually not impress the judges. Neither will excessive use of superlatives and hyperbole. What will go down well is an evidence-based entry that gives a clear exposition of what the firm has done over the past year to make it stand out from the crowd.

Apply for the right award
It is a constant surprise to the judges how many firms enter the wrong category. One submission even began with the bold statement: ‘We are a leading (another category all together) firm…’. Read the category criteria carefully, and if you think the judges might have difficulty understanding why you are applying for a particular category, help them by explaining your business better.

Answer the questions
Probably the most common reason for submissions going by the wayside is that the judges feel that the questions and criteria laid down in the Awards entry pack have not been answered. It is standard advice to every student sitting an exam to read the questions carefully and make sure you answer them. The same holds true for anyone drafting a submission for a Private Client Award. There are typically five criteria on which each award will be judged. Judges are asked to score entries on each of those criteria, with each carrying equal weighting. If your entry does not cover one of the criteria, you are likely to be penalised.

Give examples and evidence
Solid evidence and real examples demonstrating why you think your firm deserves an Award always go down well with the judges. To illustrate, most entrants in most categories claim to be ‘client focused’, but some give real-life examples of how they achieve this and what they have done to go that extra mile for their clients. This attracts the judges’ attention far more than a simple assertion.

Be consistent
The judges are both curious and cynical in equal measure. They will check what you say in your submission against what you say on your website and other sources of information. Glaring inconsistencies tend to result in entries receiving relatively short shrift.

Know your (word) limits
Brevity is a strength, but submissions sometimes fall by the wayside because there is little clear detail on key issues and yet the submission is significantly below the 1,000-word limit. Equally, don’t go over your 1,000 words: the judges have a lot of entries to read!

Remember we are choosing ‘Xxx of the Year
Your firm may well be successful and very good at what it does, but the Awards are intended to highlight those that have achieved particular success over the past year. General statements about historic successes are therefore far less relevant than what you have actually achieved over the past 12 months.

From the above it is probably clear the STEP Private Client Awards are very competitive. Submissions across the board are usually of a very high standard. That is why the Awards remain so prestigious and the Awards Ceremony on 6 September 2017 remains one of the networking highlights of the year for many senior practitioners.

George Hodgson is Chief Executive of STEP

New Year, new line-up

Patricia WassThe past few months have seen some big changes at STEP. While we have announced them all separately, I thought it might be helpful to provide a summary of what’s what.

First, it is a great honour and privilege to be writing this as the new worldwide Chair of STEP. I was elected in October and took office on 1 January 2017 for a one-year term. I have taken over from Edward Buckland TEP, who served as Chair for two years and dedicated enormous time and effort to leading the Society. He is going to be a hard act to follow.

I will be ably supported by my two Deputy Chairs, Simon Morgan TEP (Jersey) and Paul Seal TEP (England and Wales), who were elected in December 2016 and took office, like me, on 1 January, again for one-year terms.

Simon is one of five new Board members who joined myself and Paul as of 1 January: also joining us are William Ahern TEP (Hong Kong), Nancy Golding QC TEP (Canada), Dayra Berbey de Rojas TEP (Latin America), and David Russell QC TEP (Australia/Dubai), all of whom will serve a three-year term.

I very much look forward to working with all of my new colleagues, and I would like to pay tribute to the Directors who have just come off the STEP Board, having given tremendous service to the Society. Edward Buckland TEP, George Lyall TEP, Nick Jacob TEP, John Lawrence TEP and Angelo Venardos TEP have all acted tirelessly, and in the best interests of the Society, over many years.

Earlier this week we also made another important announcement, welcoming George Hodgson as STEP’s new Chief Executive, responsible for the overall management and delivery of the Society’s strategy and activities. George is well known to STEP members across the world, having been Deputy Chief Executive and served as Interim Chief Executive since the departure of David Harvey in June 2016. His appointment follows a rigorous recruitment process over the last six months of 2016.

We have also announced a number of other appointments over recent weeks and months, with new members Assad Abdullatif TEP (Africa & Arabia – replacing Tanya Cohen TEP), William Fowlis TEP (Canada – replacing John Poyser TEP), Ian Macdonald TEP (Scotland – replacing Paraic Madigan TEP),  Alan Milgate TEP (Caribbean – replacing John Lawrence TEP), Toby Crooks TEP (England & Wales – replacing Christopher Lintott TEP), Lorraine Wheeler TEP (Jersey – replacing Edward Buckland TEP) and Babetta von Albertini TEP (USA – replacing Larry Heller TEP) joining the wordwide Council as of 1 January 2017.

In addition, Rita Bhargava TEP has been elected Chair of STEP’s England and Wales Regional Committee; Cecile Vuillier TEP and Felicity Keller TEP were elected co-Chairs of the Swiss and Liechtenstein STEP Federation, and an election is currently underway for a new Chair of the Caribbean and Latin America Regional Committee.

I would like to congratulate everyone on their election and thank all those who have stepped down. I look forward to us all working together to take STEP forward. Last year saw us celebrate the first 25 years of STEP. Now the Society is moving into the next 25 years in its history we need to build on the firm foundations that have been laid for us by the founding fathers of STEP. We will take the very best from their experiences, and then continue down the right path for the Society, aspiring to be the leading worldwide professional body for those specialising in advising families across generations.

Patricia Wass TEP is worldwide Chair of STEP

STEP England & Wales Biannual Statement – December 2016

Alex ElphinstonSix months ago we were all stunned at Brexit. Now we are also wondering how a Trump presidency will unfold and what further shocks national electorates may give across Europe, given the various elections ahead.

STEP is monitoring the situation closely and is in discussions with other relevant professional bodies as well as maintaining lines of communication with civil servants and the like to do all we can to ensure our and our clients’ interests are taken into account. We have certainly begun to see decisions being made by the EU Commission where the UK is no longer being consulted as previously – such as negotiations around the Fourth Anti-Money Laundering Directive.

As a professional body, STEP seeks to remain at the forefront and be the gold standard for practitioners dealing in trusts and estates and related private client work. As such we have an enviable reputation for the high-level discussions with government and other departments with which we are involved about a variety of matters, and proposed or actual changes, that may affect our work. This will be all the more important for us as practitioners as the new domicile rules and consequent changes to the tax regime come into play. The UK Practice and Technical Committees will be keeping a close eye on these issues.

A number of members have expressed concern over the delays and poor service being given by HMRC, and the Probate Registry in particular. These continue to be matters the committees and STEP team seek to address. Clearly there is only so much they can do, but please let us know of any improvements or deterioration. Actual case studies can be more powerful than general observations.

Sometimes it may seem as if STEP sends out far more surveys than other organisations. However we work in a world where ways of communicating, delivering training and news are constantly changing. We want to remain as a trusted organisation whose members are equally trusted for their integrity and advice. It is vital that we remain relevant for members in a crowded market. We also want to remain nimble and not create yet more layers of regulation for members. However we can only do that when members engage and flag up matters.

In November, STEP held a worldwide Symposium which looked at a number of issues including views on perceptions about offshore work and centres: a number of England and Wales members participated in a survey which forms the basis of the Offshore Perceptions research report. While this may not directly affect many members in this region, it does impact on STEP as an organisation and so on our region indirectly. We also looked at staffing across the regions and resourcing. We remain lean in terms of staffing, not least as a result of their commitment and dedication for which we are grateful.

One of the main points of discussion was presenting STEP and TEPs to the public. This has been a theme for some time, and a number of plans were unveiled on how STEP will address the issues and raise public awareness. You will be hearing more on this, as plans develop.

The importance of the branch network was recognised, alongside the need to avoid volunteer fatigue by assisting local committees and encouraging new members. If you are not involved in your local branch do consider this: it is a great way to make new friends, develop new business opportunities and build your profile within the industry.

In January, Rita Bhargava TEP takes over as regional chair. I have very much enjoyed my time in the role and wish Rita all the best. I would also like to take one final opportunity to thank the STEP staff for their fantastic support and assistance – not just the committee and myself, but all of us as members.

Finally may I wish you all a Happy Christmas and prosperous New Year.

Alex Elphinston TEP is Chair of STEP’s England and Wales Regional Committee

Legacy giving: the role of the practitioner

charity jarOn 18 October, my colleague Beatriz Brockhurst (STEP News Editor) and I attended the launch of Legacy Giving and Behavioural Insights – a research report which examined how will writers discussed charitable giving with their clients.

Bridging the gap

The research illustrates the gap between clients expressing an interest in leaving charitable gifts (35 per cent) and those who actually do so (6 per cent). The event considered the ways in which practitioners can encourage greater giving by testators, drawing on evidence gathered from eight law firms and 31 solicitors, as well as 2,600 wills that were analysed during the two-year study.

Having the conversation

As a starting point, professionals should be talking about charitable legacy with their clients as part of the will preparation process.

But are clients comfortable with having this conversation? The study found that 69 per cent of clients generally deemed it acceptable for such a topic to be raised – and 46 per cent regarded it as the duty of the professional to mention it.

Different approaches

The research trialled three different ways of talking to clients about charitable legacies:

  1. Social norm framing – informing the client that charitable bequests was something many people did, and to ask if they would like to do the same. Legacy giving increased by 40 per cent for people making their first will.
  2. Emotional framing – asking the client to think about charities they or their families were passionate about, and/or had benefited from. This type of messaging was found to increase donations from clients both with and without children.
  3. Posthumous benefit framing – highlighting the good work that would result from a charitable bequest. This was regarded as the least acceptable and least effective form of messaging.

Tax incentives

The study also found that, in most cases, the tax advantage of legacy giving due to inheritance tax thresholds was not a motivating factor.

A TEP’s perspective

Jo Summers TEP, a member of STEP’s UK Practice Committee, offered a practitioner’s point of view. She emphasised the need to broach the subject of charitable legacy carefully and sensitively, not least to protect against being regarded as having exercised undue influence. Jo cited the initial client questionnaire as a good way to introduce the topic, with scope for a further conversation, if the client indicated this would be appropriate.

Practitioners also need to be aware that the charity the client would like to leave a donation to could change over time. As a practical solution, Jo suggested the will could contain a clause stating a percentage legacy, or a fixed sum to be split between charities chosen by the executors, with a letter of wishes to indicate where the money should be donated, depending on the client’s family circumstances at the time of their death.

Conclusion

The study concludes that will clients are generally open to having a conversation about charitable legacy. Practitioners can therefore play an important role in raising the level of charitable donations as legacy gifts.

The report offers interesting behavioural insights around legacy giving – I encourage you to read it:

 

Sean Smith, STEP Policy Manager

Invitation to members – LPA discretionary investment clauses

Emily DeaneThe England & Wales Office of the Public Guardian (OPG) published an update in September 2015 providing guidance on financial lasting powers of attorney (LPAs) and how attorneys can delegate investment management decisions to a discretionary investment manager.

Under this guidance an attorney can appoint a bank or an IFA to act on their behalf to make investment decisions; however specific wording must be incorporated into the LPA. Since the guidance was issued in 2015, STEP and other professional bodies have contacted the OPG with their concerns.

The primary issue is that if an attorney is currently using a discretionary manager without explicit permission in the LPA, then they need to apply to the Court of Protection to obtain retrospective consent.

The suggested wording within the LPA can be similar to the following, ‘My attorney(s) may transfer my investments into a discretionary management scheme. Or, if I already had investments in a discretionary management scheme before I lost capacity to make financial decisions, I want the scheme to continue. I understand in both cases that managers of the scheme will make investment decisions and my investments will be held in their names or the names of their nominees’.

Tell us your views

STEP would like to invite members to provide examples of how the OPG guidance may be difficult to apply in practice, so that we can present a test case to the OPG and underline that the impact of this issue is potentially far-reaching.

Issues that have arisen include:

  • There is no guarantee that your bank or IFA will accept this wording, and you may need to confirm their agreement in writing before the LPA is registered.
  • HSBC has specific wording that it will not stray from, while other fund managers are willing to continue acting without the delegation clause. Other banks and IFAs may switch to the stringent guidelines in future.
  • You can re-do the LPA where the donor still has capacity, but this option may not be well received by the client, and is time consuming and costly.
  • If the LPA has already been registered without the express wording, the attorney can apply to the Court of Protection for the retrospective authority to appoint an investment manager.

This is also time consuming and costly.

If you are currently acting as an attorney and you have already delegated investment making decisions, there are some options available to you:

  • You could change your discretionary manager to an advisory manager so that you are still ultimately making the decisions, although you should check any potential liability issues that may arise.
  • You could speak to your discretionary manager about the firm’s policy and what their requirements are.
  • You could re-do the LPA where the donor still has capacity, or alternatively apply to the Court of Protection when the existing discretionary manager is not willing to continue/or start acting in accordance with the OPG guidance.

However, it might be prudent to wait and see whether the OPG will consider amending its guidance before taking any action. Currently, the OPG feels discretionary investment management accounts for a tiny percentage of registered Powers of Attorney, so the number of Attorneys affected is relatively small.

STEP is hopeful that by providing the OPG with a test case of practical working examples, then it might recognise and review the difficulties that attorneys and their advisors are facing in this connection.

The best case scenario would be the determination that the delegation of investment management by an attorney to a discretionary investment manager is already legally permissible, without the need to retrospectively apply for it through the court.

STEP will provide an update when further information is available.

We would very much value your input. Please send your examples to policy@step.org by 31 October.

Emily Deane TEP, STEP Technical Counsel

STEP – the reality

STEP logo iconThere have been a number of recent press articles about the role of STEP, a leading professional body, in the wealth management industry. Some of these articles have presented a highly distorted view of STEP and the activities of our members.

STEP members, known as TEPs, spend their professional lives helping families plan for their futures: from drafting a will or advising family businesses, to helping international families and protecting vulnerable family members who may have mental capacity issues or other forms of disability. With around 20,000 members worldwide, TEPs are the acknowledged specialists in giving advice to families in these areas.

Some TEPs focus on servicing very wealthy families, often with a range of international interests, who need expert advice to manage their affairs to ensure all tax and legal requirements are met in multiple countries. Most TEPs, however, are engaged in helping ordinary families deal with everyday problems. All are committed to the high technical and professional standards that STEP promotes and insists on from all its members.

Internationally, STEP has an important role to play in improving professionalism among all those working with families in areas such as inheritance planning and the care of vulnerable relatives. We are thus proud to be actively involved in helping raise standards in jurisdictions where there have to date been few, if any, equivalent professional bodies.

STEP also works constructively and transparently with a range of policymakers. As acknowledged global experts in their fields, STEP members have an important role to play in ensuring that policy development is informed by the practical experience of professionals working in the relevant area. STEP’s responses to official consultations are all publicly available on the STEP website (see www.step.org/consultation-tracker/1).

George Hodgson is Interim Chief Executive of STEP

STEP and PCI Compliance

Credit cards

As part of our ongoing work to ensure the safety and security of our members, STEP is currently working towards becoming fully compliant with the latest Payment Card Industry (PCI) Security Standards. This means that we will be making changes to the way we accept payments and handle sensitive information.

What is PCI Compliance?

PCI Compliance is an information security standard for organizations that handle credit card details from the major card schemes including Visa, MasterCard, American Express, Discover, and JCB. It’s designed to ensure that companies have all the correct measures in place to ensure the ongoing security of the card information they handle.

How will the changes affect you?

Whilst the vast majority of changes will affect internal systems and procedures, STEP will be making some changes to the way we accept card payments:

Change:
We will now be automatically rejecting any emails sent to us that contain sensitive card information (that includes the card number, expiry date and CVV) please note that direct debit information can still be accepted.

Reason:
This information is currently being rejected by way of an email reply, however rejecting it before it arrives with us will increase the safety of your card information.

Change:
We will no longer be accepting or sending faxes in any form.

Reason:
Faxes are fast becoming an outdated method of communication. STEP currently receives such a low volume of faxes that the decision has been taken to discontinue this service.

Change:
We will no longer be accepting payment over the phone.

Reason:
STEP have been evaluating PCI compliant telephone payment options, however given the low volume of telephone payments we currently process, we have come to the decision that the most effective way we can ensure your safety is to remove this option.

The Future:

All the changes we are making to our payment procedures are intended to make your experience with STEP fully compliant with the latest PCI Security Standards. We have recently upgraded our online payments to accept payments in GBP, USD, EUR and CHF.

We will continue to review our payment options to ensure we are providing you with the best service possible.

For any further information on PCI Compliance, you can find it here www.pcisecuritystandards.org.

For any questions relating to payments, please do get in touch, you can reach us by telephone on +44 (0) 203 752 3700, step@step.org and finance@step.org.

 

James Harris is STEP’s Information Technology Manager.

Why the Private Client Awards stands out – a judge’s perspective

Sally EdwardsThere are many awards in the financial services sector these days – barely a fortnight goes by that I do not see an article or press release about an award being given to some deserving individual, firm or jurisdiction.

However, the STEP Private Client Awards stands out for two reasons: firstly, the fact that STEP itself represents a recognised quality watermark in our field; and secondly, because the industry understands the rigour of the assessment and judging process for the awards.

It’s worth considering for a moment the first point, being the strength of the STEP brand. STEP membership is an important benchmark for practitioners, and STEP provides quality training sessions and conferences for members, as well as a respected and effective lobbying voice for the industry.

STEP’s reputation is based on rigour and expertise, so the second point about the judging process is hardly surprising, but bears underlining – the STEP awards are meticulously judged through a practitioner-led process, and a serious amount of effort goes into even preparing a shortlist.

So, when asked to be a part of the judging panel for this year’s awards, I was delighted to accept. Having been on the Panel of Experts for a few years, I had an idea of how much work would be required, but even with that experience I was genuinely impressed at how much effort is involved, and how seriously the judging process is taken.

The judges were given a significant amount of ‘homework’ to get through, over and above the meetings at which the shortlists and winners were selected, some after lengthy debate – with real efforts made on the parts of all of the judges to be scrupulously fair.

Having been a part of the judging process and seen it from the other side, I am even more proud of Ogier’s Awards last year, and I am now looking forward even more to next month’s event.

It’s not just a fun evening with a great host, it’s also a good networking event, and from the point of view of a team based in Jersey, a great opportunity to meet face-to-face with some of those who we deal with mainly by phone or email.

 

Sally Edwards TEP is Head of the Private Client and Trusts Team at Ogier, which won the International Legal Team of the Year in both 2015 and 2012. This year, she is a member of the judging panel for the STEP Private Client Awards.

STEP England & Wales Biannual Statement – July 2016

Alex ElphinstonWhatever may have happened over the last six months has no doubt been dwarfed by the EU referendum result and the seismic political fallout and current uncertainty on so many fronts – political, economic and financial – before we begin to consider the outcome of the Brexit negotiations.

STEP is monitoring the situation closely and is in discussions with other relevant professional bodies as well as maintaining lines of communication with civil servants and the like to do all we can to ensure our and our clients’ interests are taken into account. On this last point I hope you have seen the weekly digest of 30 June asking for comments as to concerns and opportunities. Please do respond to this.

While Brexit may be uppermost in our minds at the moment (closely followed perhaps for some by the perennial debate about the ability or otherwise of our sports players to perform), much else has been happening.

More than 300 attendees assembled for STEP’s second Global Congress in Amsterdam at the end of June. It was tremendous that the event was a sell out. Delegates came from 44 countries – a true sign of the global nature of the issues we currently face in our industry.

The focus of this Global Congress was ‘advising families across generations’ with sessions offered on private international law, conflicts, and the changing definition of ‘family’ on the first day, with the second day focusing on transparency, and looking especially at how members – as experts in their fields – can use their knowledge and skills to become part of the solution, informing the process and helping governments, the OECD and others to understand how trust and other structures work, and encouraging dialogue on issues that are critical to our world.All in all, the event was a great success.

And back in March we held the Branch Chairs’ Assembly (BCA), which was well supported with members of the Scottish regional committee in attendance as well recognising the many areas of mutual interest and common concerns at branch level. Members of the committee in Northern Ireland were also invited but unable to attend.

Particular themes coming out were:

  • The benefits of a central resource of the names of speakers and topics that branches have held to assist other branches in compiling their programme. STEP is looking at how best to provide such a resource.
  • Creating a higher public profile for STEP. This second point was consistent with feedback from the Leaders’ Forum last December and will be picked up in the ‘Your STEP’ initiative by STEP Worldwide before filtering back to the regional level for practical outworking.

We were fortunate to have Senior Judge Lush of the Court of Protection as our guest speaker who gave a potted history of some of the important court decisions relating to damages awards before suggesting that STEP provide qualifications for Deputies and case workers as there is no other body of which he is aware that is providing this on a holistic basis. We are looking into this possibility in conjunction with the Mental Capacity special interest group.

As it transpired, this was David Harvey’s last BCA and we wish him well for his future and thank him for his significant input to STEP over his 15 years as Chief Executive.

As always there have been numerous consultations and other issues over the last six months where STEP and the various committees have been actively involved – including the proposed hike in Probate Court fees, the Mossack Fonseca data leak, contributing to the revised code of Professional Conduct in Relation to Taxation (PCRT) and discussions with the Office of the Public Guardian (OPG) on some of their proposed changes. And this is before acknowledging the various different courses, webinars and other training and education events that have been organised across a wide range of subjects.

This will be my last report as chair of the regional committee and I want to thank all the staff at the STEP office for their tremendous support and enthusiasm over such a wide range of issues without which we would all be much the poorer and my role would have been impossible. I have also appreciated the dedication of members and others who give of their time and expertise on the various committees to help keep us up to speed on all the legislative changes (who can forget FATCA?!) as well as forging links with government departments and other influential organisations here and further afield. As a result STEP has often ensured a better understanding of the practical issues and seen changes made.

Finally my congratulations to all those who have been shortlisted as Private Client Awards finalists and the students who recently passed exams as well as those who won awards in the inaugural Worldwide Excellence Awards. The future of STEP should be in safe hands!

 

Alex Elphinston TEP is Chair of STEP’s England and Wales Regional Committee