Ocorian launches a dedicated Protector Services offering06 Jul 2017
As a result of increasing interest from clients and advisers and our commitment to innovation and finding new solutions, Ocorian has incorporated a dedicated company whose sole focus is the provision of protector and enforcer services.
The growing interest in professional protector services is a result of many converging factors; such as the continuing introduction of ever more complex legislation affecting trusts, an increasing awareness of the need to identify and manage potential conflicts of interest, as well as the increasing propensity for trust parties to engage in contentious litigation. All of these dynamic factors highlight the increasingly important role a professional protector can play in the effective running of a private trust.
There are a number of advantages in delivering protector services through a dedicated corporate vehicle, when compared to the provision of such services via a personal protector. For example, availability and consistency of service delivery are core requirements. Ocorian provides all private client services through a lead director with recourse to and support from other directors should that individual be unavailable. By contrast, in circumstances where a personal protector is for whatever reason unavailable, or incapacitated then this can prejudice and create inefficiencies for the structure, delaying discussions and decision making which can be highly time critical.
Ocorian protector services include:
– Provision of protectors and enforcers;
– Contributing to discussions around the creation of the protector or enforcer role within new trust structures;
– Attending to requests for consent to the exercise of powers by trustees;
– Discharging, as appropriate, any specific powers;
– Attendance at meetings with beneficiaries, trustees and advisers; and
– Contribution to discussions regarding the strategic management of trust structures.
Regulated by the Jersey Financial Services Commission, Ocorian Protector Services Limited will adhere to the same robust corporate governance principles as Ocorian's award winning Jersey private client business, and will be led by the the same experienced directors. Ocorian is also able to provide similar services in its other global locations.
For more information about the role of a protector, please click here for our latest briefing.
Established in 1971, Ocorian has led the provision of a wide range of private client services. These services include not only trustee and trust administration services for trusts with protectors, but also protector services for externally administered trusts. Our award-winning business is built on a 45 year strong philosophy of client focused and director led service.
Ocorian was recognised as the 'Trust Company of the Year' at the annual STEP 2016/2017 private client awards ceremony.