A look at the most read stories on eprivateclient this week…
Consultancy firm Altair Partners strengthened its Channel Islands business with the appointment of a former eprivateclient 50 Most Influential. Mike Farley, who was named as a 50 Most Influential in 2018 and is also a PAM Awards judge was formerly head of Zedra’s fiduciary investment services business in Jersey. Mr Farley joined Altair – a corporate group specialising in the provision of independent non-executive directors and related services to the alternative investment market - as a client director.
Wealth planners tentatively welcomed a new online tool set to be introduced around Lasting Power of Attorney (LPA) powers, but warned the system could be ripe for abuse if not implemented properly. Unveiled by the Office of Public Guardian (OPG), last week (17 July 2020) the new digital “Use a lasting power of attorney” tool will allow those acting as an attorney to contact organisations like banks and healthcare providers more easily and quickly.
Following in the footsteps of Barbados, the Bermudan government announced that the Ministry of Labour will amend the eligibility for a One (1) Year Residential Certificate to allow persons who are able to work remotely from Bermuda. Additionally, the ministry will also adjust its policy for visitors to the island by extending the maximum period a visitor may stay in Bermuda from 90 to 180 days.
IQ-EQ, in collaboration with Barton Consulting and Wealth-X data intelligence, created an in-depth industry analysis on the world’s wealthiest, to establish how and when the ‘Great Global Wealth Transfer’ is expected to take place, and the impact this will have on family offices. The research considered all individuals across the world worth more than $5 million and concluded that over 500,000 people will be transferring wealth over the next decade. This equates to more than $15 trillion – which is higher than China’s annual GDP.
The long-awaited report into Russian electoral interference from UK MPs criticised the role played by UK lawyers and accountants in extending “Russian influence which is often linked to promoting the nefarious interests of the Russian state.” Setting out its findings, the committee said that “London-grad” was a “laundromat” where “few, if any, questions have been asked regarding the provenance of considerable wealth” with the UK viewed as a favourable destination due to an ability to “exploit” its Investor Visa scheme.
The UK government said that it will amend legislation that will allow individuals to have their wills witnessed via video links. Law firm Royds Withy King, whose clients have had wills witnessed via WhatsApp welcomed the announcement, with Amanda Noyce, a partner in the firm’s contested wills, trusts and inheritance disputes team, saying the firm was “delighted there could soon be a change in the law to legalise wills witnessed via video - it is a vital solution for families, and one which we have provided during lockdown to our clients where necessary.”
Global law firm Dentons named a partner as its new head of global private services. In a newly created role, Christopher Rose will establish and lead Denton’s global private services group within continental Europe to provide cross-sector and cross-practice legal advisory services to ultra-high-net-worth individuals and family offices around the world.
Cancelled weddings and delayed celebrations could result in an influx of will disputes, specialist lawyers warned. A study by London-based wedding planning app, Bridebook, found that 64 percent of weddings in 2020 will be affected by coronavirus either by postponements, cancellations or travel logistics. Will dispute specialists at law firm Irwin Mitchell warned the postponements could cause issues if one of the couple dies, leaving their intended partner with no legal protection because they couldn’t get married.
Tens of billions of pounds of new taxes should be levied on increases in the value of homes to ensure the costs of the coronavirus crisis do not fall unfairly on younger people, a think-tank report said. The report from the Social Market Foundation warned that without radical action to raise significant extra tax, Britain faces an unsustainable national debt and stagnant growth that will blight the lives of future generations.
Offshore law firm Mourant re-elected Jonathan Rigby as global managing partner for another four year term. Mr Rigby has been managing partner of the offshore legal and governance services provider since 2008. His fourth consecutive term will take effect from January next year.
Finally, readers have just two weeks left to nominate for the 2020 eprivateclient Top 35 Under 35, to nominate a rising star in the UK’s private wealth sector, please click here