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Global trends in the trust industry Worldwide the trust industry is facing an onslaught of challenges according to Jobstream Chief Executive Officer, John Brimacombe. The software company is seeing a global trend with new demands and squeezes on trust company businesses. “Jersey is a good example of a jurisdiction where the trust industry needs to be nimble in order for it to prosper. There will be over 50 compliance visits by the JFSC this year and there will be no themes, so trust

Effective use of software can allow key business indicators to be monitored and explored

without the need for repeatedly running and reading reports.

companies will have to ensure that all their affairs are in order. At the same time the industry across the globe is becoming more competitive and we are seeing migration of work from higher

Effective use of software can allow key

company successful, it has often been

cost trust companies to those who can

business indicators to be monitored

an afterthought. John concluded “It will

offer value and high quality service.

and explored without the need for

be interesting to see what the JFSC finds

Settlors are keen to see that trusts are

repeatedly running and reading reports.

on their many visits this year. Software

domiciled in high quality jurisdictions

Staff should simply be able to access

that is not fit for purpose is a key risk

but costs equally are an increasingly

information that they need for their role

factor; it is no longer enough to have

important issue.”

and not be inundated with information

software that supports everyday tasks. It

that is surplus to requirement.

must also help companies identify how

Information overload itself can greatly

best to use their resources and evolve

increase risk! Monitoring costs and

in a challenging environment that will

having comprehensive customer

only see more compliance demands

relationship management functionality

and cost sensitive clients.” n

He continued “There is a danger that trust companies will try and cut corners in either compliance areas or with the quality of service. This is a recipe for disaster. Instead trusts must adopt a new approach and ensure that staff are utilised to the

is not a nice to have but a must in the current market conditions. “

best of their ability. Management by

Until now software has not been seen

exception must become the norm.

as key components to making a trust

This publication is copyright © 2012 Jobstream Group plc. Reproduction of this document or any section therein may not take place without the prior consent of Jobstream Group plc. Jobstream is a registered trademark of Jobstream Limited, used under licence. All other system and product names are either trademarks or registered trademarks of their respective companies. This document is non-contractual. Please refer to your project specification for a complete list of included features. E&OE. Ref 4675/0512.

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