Duty of Care

The role of a Trustee is to look after the best interests of those who are supposed to benefit from the assets of the Trust. This seems so obvious that it is hardly worth saying, and yet it is so important that it is enshrined in legislation as a statutory Duty of Care in The Trustee Act 2000.

The duty of care applies when Trustees are exercising their powers of investment, or more frequently delegating investment decisions to an appropriate wealth management firm.

We are able to help Trustees to meet their obligations under the Act, and to document all of the decisions taken, through our Trustee Investment Services. This service allows Trustees to show that:

  • The investments of the Trust are suitable
  • The investments of the Trust are being regularly reviewed and changed if necessary
  • There is adequate diversification (if appropriate)
  • The Trustees are taking proper advice about the investment on an ongoing basis
  • The tax implications of the investments have been considered
  • The needs of all beneficiaries are being taken into account and balanced fairly
  • The Trustees are meeting their duty of care in relation to the investments of the Trust

The Financial Conduct Authority does not regulate trusts.