STEP news

STEP news

Trusts Information Centre

The Trusts Information Centre, which was launched in May, has already seen more than 3,000 visits and has been well received on social media channels. This resource aims to provide factual information about the uses and purpose of trusts, to better inform media, policymakers and other stakeholders.

Visit the Trusts Information Centre at www.step.org/press-office/trusts-information-centre

18th Annual STEP PCAs: Finalists announced

Congratulations to the 74 firms and 11 individuals who have been shortlisted for this year’s STEP Private Client Awards. The winners will be announced at the Awards Ceremony taking place on 21 September 2023 at the Hilton on Park Lane in London, UK. The evening will be hosted by acclaimed author and broadcaster Gyles Brandreth and provides an unrivalled opportunity for networking with peers and celebrating the best in the industry.

View the finalists and book your tickets at pca.step.org

Update: STEP's Continuing Professional Development Audit

The 2022 STEP Continuing Professional Development (CPD) Audit cycle came to an end on 30 June 2023. On 27 October 2022, we randomly selected 2 per cent of members to take part in the audit review, of which 209 members successfully passed.

Fifty-two members will be required to be reviewed again as part of the 2023 STEP CPD Audit, which will commence later in the year. Disappointingly, 57 members failed their audit due to failing to respond to audit requests over a six-month period.

If your membership has been suspended as a result of failing the audit and you wish to provide your 2021/22 CPD records, please contact the team at cpd@step.org

Celebrating student achievement

On 3 July 2023, STEP announced the winners of this year’s worldwide Excellence Awards. The Awards celebrate exceptional student achievement by recognising the highest achievers across all STEP qualifications and the Essay Route to membership.

Read more about the winners at excellence.step.org

Our latest policy consultations

STEP’s Digital Assets Global Special Interest Group (SIG) has responded to the Bank of England’s call for evidence regarding the creation of a central bank digital currency for the UK. The SIG argued that a new digital currency should respect the liberty and privacy of those who use it, and that blockchain technologies have seen success partly due to the fact that assets are held privately by the individual through private keys. STEP warned that a digital currency must accommodate those who are deceased or incapacitated to maintain access to their assets through power of attorney and protect against fraudulent attempts to gain access.

STEP also submitted a response to His Majesty’s Treasury’s consultation Taxation of environmental land management and ecosystem service markets. STEP stressed that the use of environmental land management schemes must be seen to deliver environmental benefits. There will be landowners who decided not to participate in the scheme and it is important their descendants are not disadvantaged if their parents did not participate in the scheme.

All of STEP’s consultation responses can be found at www.step.org/public-policy/consultation-tracker

Guidance notes can be found at www.step.org/policy/technical-guidance-and-briefing-notes

For the latest policy news from STEP, visit www.step.org/public-policy/policy-news

STEP England and Wales election results

We are delighted to announce the results of the recent England and Wales elections for vacant STEP Council and Regional Committee seats. Congratulations to George Lyall TEP and Emma Facey TEP, who have been elected to STEP Council. We also congratulate Mike Cattermole TEP and Joe Spring, who have been elected to the STEP England and Wales Regional Committee.

The full cycle of elections covering positions for appointment from 1 January 2024 will start in August.

Read the full results at www.step.org/governance/step-election-results-announced-2023

MPI Q2 2023 reports released

The Managed Portfolio Indices reports for the period ending 30 June 2023 are now available at www.mpindices.com/performance-reports

Thank you for renewing your membership

STEP's annual subscription run drew to a close in July, with 95 per cent of members renewing their membership. Member renewals are key to our success and our high renewal rate highlights the value placed on STEP membership. STEP would like to extend a huge thank you to everyone for renewing.

Connect with us

Twitter: @STEPSociety

LinkedIn: STEP – Advising Families Across Generations

Facebook: @SocietyofTrustandEstatePractitioners

Letter to the Editor

The following letter, describing difficulties facing practitioners following the COVID-19 pandemic, was sent in by a STEP member who wished to remain anonymous.

‘The reason I’m taking a career break is simply because since COVID-19/lockdown and returning to work, clients have been worse than ever. The stress of it was unbearable. From being sworn at to the general projection we have to absorb from people. The probate registry and HMRC delays contributed to client stress, which, again, would be projected onto us. It got to the point where I’d dread opening my inbox.

‘Partners are so worried all the time about a complaint going to the Solicitors Regulation Authority and affecting insurance quotes that they will generally find “a little something” we did wrong when a baseless complaint is made just to appease the client and it’s brutally demoralising. I know three other private client solicitors who have left the profession since the end of the pandemic.’

Experiences such as these are becoming more prevalent for practitioners, and we encourage readers to turn to page 24, where Adam Carvalho TEP writes about the importance of reflective practice for practitioners who may be experiencing similar pressures and challenges in their careers.

Employer relationships

STEP is pleased to welcome new Platinum Employer Partner (EP) Summit Trust International (Switzerland and the Cayman Islands) to the Employer Partnership Programme (EPP).

Our congratulations also go to the following organisations on their EPP re-accreditations: Corpag (Argentina, Brazil, British Virgin Islands, Chile, Colombia, Curaçao, Hong Kong, Luxembourg, the Netherlands, New Zealand, Panama, Peru, Singapore, South Africa, Spain, Switzerland, Turkey, Uruguay and the US) and Rawlinson & Hunter (England and Wales) (EPs). Burges Salmon (England and Wales) has also been re-accredited as a Platinum EP.

STEP is currently working with 102 EPs in over 500 offices across 40 jurisdictions and has benefited from a 98 per cent EP retention rate in the past year.

To learn more about how you can become an EP, please contact the team on epp@step.org

Jobs Board

Have you visited STEP’s Jobs Board? This platform is a dedicated space for listings in the trusts and estates industry, spanning legal, accountancy, trust and company service providers, private banks, multi-family offices and financial and tax advisory firms. Firms can purchase single postings or multi-job packages, and candidates can search for jobs and sign up for tailored job alerts.

Check it out at jobs.step.org

Save the date

STEP Wyoming International Estate Planning Conference

This year’s conference takes place on 6–7 October 2023 at the Four Seasons Resort Jackson Hole. Secure your place to hear the latest topical issues and developments impacting international and US private clients. Find out more at www.step.org/wyoming2023

STEP Europe Conference

Taking place at the Budapest Marriott Hotel, Hungary, on 12–13 October 2023, the STEP Europe Conference has a packed schedule, with panels discussing developments in inheritance law, forced-heirship rules and the enforcement of judgments; buying property overseas; and increasing compliance burdens on trustees and wealth managers.

Find out more and secure your place at bit.ly/3Y1A8qi

STEP LATAM Conference

The STEP LatAm conference will take place on 7–8 September 2023 at the Grand Hyatt Bogotá in Colombia. Topics on the agenda will include the treatment of trusts and other fiduciary structures under new Colombian tax reforms; what the US Corporate Transparency Act means for LatAm advisors; and the effects of political instability in Latin America. See the full agenda and secure your place at bit.ly/43tQGrT

TTE Conference

The STEP UK Tax, Trusts and Estates (TTE) Conference returns in-person this year. Leading industry experts will provide essential guidance on key tax, trusts and estates issues. The full programme and all speakers will be confirmed soon. Events will take place in Exeter (11 October 2023), Manchester (6 November 2023) and London (28 November 2023). Find out more at bit.ly/3pMJOIx

STEP Asia Conference

The STEP Asia Conference will return in-person to Hong Kong on 14–15 November 2023. Secure your place to learn, discuss and network as expert speakers cover the topical issues impacting you and your clients today. Visit www.stepevents.org/asia2023

STEP moves

  • Tim Denton TEP has replaced Alastair Glover TEP as Chair of STEP Arabia.
  • Katherine Charleson TEP has replaced Ashley Fife TEP as Vice Chair of STEP Bermuda.
  • Lindsay Belchior TEP has replaced Laura Ruse TEP as Secretary of STEP Bermuda.
  • Ana Maria Oñate Bello TEP has been appointed President of STEP Colombia.
  • Nicky Xenofontos TEP has been appointed Vice Chair of STEP Cyprus.
  • Peter Economides TEP has replaced Elena Papandreou TEP as Treasurer of STEP Cyprus.
  • Adrian Pilcher TEP has replaced Peter Isola TEP as Chair of STEP Gibraltar.
  • Wayne Fortunato TEP has been appointed Deputy Chair of STEP Gibraltar.
  • Abigail Cornelio has replaced Raquel Moss TEP as Secretary of STEP Gibraltar.
  • Natasha Pizzarello has been appointed Treasurer of STEP Gibraltar.
  • Stephanie Parker TEP has replaced Masum Ahmed TEP as Chair of STEP Kent.
  • Nima Stepney TEP and Patricia Hanifan TEP have been appointed Vice Chairs of STEP Kent.
  • Caroline Brooks-Johnson TEP has replaced Stephanie Parker TEP as Treasurer of STEP Kent.
  • Sharmil Shah TEP has replaced Rehma Imrith TEP as Chair of STEP Mauritius.
  • Arun Kutowaroo has replaced Sharmil Shah TEP as Vice Chair of STEP Mauritius.
  • Philip McGowan TEP has replaced Mark Streeter TEP as Chair of STEP New South Wales.
  • Mark Streeter TEP has been appointed Treasurer of STEP New South Wales.
  • Hayley Pettitt TEP has replaced Tessa Bonser TEP as Vice Chair of STEP Norwich and Norfolk.
  • Helen Cordingley TEP has replaced Tessa Bonser TEP as Secretary of STEP Norwich and Norfolk.
  • Jenna Hutchinson has replaced Kelly Gatehouse TEP as Secretary of STEP Queensland.
  • Mark Jamison TEP has been appointed Chair of STEP Silicon Valley.
  • Adeline Lim TEP and Donna Benge TEP have been appointed Deputy Chairs of STEP South Australia.
  • Shannon McMenamin has been appointed Secretary of STEP South Australia.
  • Ian McFarlane TEP has replaced Stephen Thiele TEP as Treasurer of STEP South Australia.
  • Kevin Keen TEP has replaced Andrew Moore TEP as Secretary of STEP Texas.
  • Kathryn Woodward TEP has replaced Sarah Phillips TEP as Chair of STEP Thames Valley.
  • Stephen Evans TEP has replaced Kathryn Woodward TEP as Vice Chair of STEP Thames Valley.
  • Andrea Olsson TEP has replaced Rachael Grabovic TEP as Deputy Chair of STEP Victoria.
  • Danielle Bechelet has replaced Claire Hawke-Gundill as Vice Chair of STEP Western Australia.
  • Claire Hawke-Gundill has replaced Danielle Bechelet as Secretary of STEP Western Australia.
  • Raegan Leather TEP has replaced Emma Facey TEP as Chair of STEP West of England.
  • Emma Facey TEP has replaced Cheryl Farnham TEP as Vice Chair of STEP West of England.
  • Jodie Barwick-Bell TEP has replaced Andrea Jones TEP as Chair of STEP Yorkshire.
  • Emma McCann TEP has replaced Jodie Barwick-Bell TEP as Vice Chair of STEP Yorkshire.
  • Alison Walker TEP has been appointed Secretary of STEP Yorkshire.
  • People moves
  • Donna Matthews TEP joins Harrison Drury as a Chartered Legal Executive at its Lancaster office.
  • Joanna Grewer TEP joins Roythornes Solicitors as a Partner at its Birmingham office.

New book discounts

The book Advising Philanthropists: Principles and practice is available to purchase at bit.ly/45NUvuq. The publisher has issued a code for STEP members (STEP15) that will provide them with a 15 per cent discount.

STEP members also receive a 15 per cent discount on A Practical Guide to Estate Administration and Crypto Assets, published by Law Brief Publishing and edited by Richard Marshall TEP. This book aims to provide an examination of the application of the current law to crypto-assets; a practical analysis of the blockchain technology that sits behind crypto-assets; a breakdown of the different types of crypto-assets that may be held on death; and an explanation of the practical considerations required in locating, identifying and accessing crypto-assets during the administration of an estate.

Use code 8CZV3P to get your discount at bit.ly/3OkYQ1q