Guernsey Finance to set up QROPS code of conduct
From Tax & Regulation Mar 17 2010 BY: Simon Danaher
, Online News Editor
, International Adviser
Guernsey Finance is planning to establish a voluntary code of conduct for QROPS providers based in its jurisdiction.
The industry and government body is currently in the very early stages of putting together a working party which will be drawn from providers, members of the local government and QROPS industry professionals.
Peter Niven, chief executive of Guernsey Finance, said the code would seek to establish a transparent industry standard which consumers could trust.
“The industry itself wants to make sure everyone is singing from the same hymn sheet,” said Niven.
“Therefore a code of conduct would be ideal to give everyone a mark against which they work and we also believe it will help purchases of QROPS products gain some confidence that we are working to high, transparent standards.”
It is expected the working party will begin to be formed next week with a code of conduct hopefully in place by June, says Niven.
According to a QROPS adviser who requested anonymity, the introduction of the code of conduct follows recent concerns regarding a small number of trust companies who have, it is alleged, tried to block the transfer of assets out of Guernsey-based schemes.