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
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
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Published on Aug 15, 2012