Old dogs and new tricks? The Law Commission's July 2006 Report on Trustee Exemption Clauses and the new STEP Rule of Practice |
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| Authors: | Gothard Charles |
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| Affiliation: | * Charles Gothard is an International Tax and Trusts Partner at Speechly Bircham LLP and Chairman of the STEP UK Technical Committee working party on Trustee Exemption Clauses. |
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| Abstract: | | Background | The trust is one of the greatest creations of English law andtrust business is a very important part of the UK's professionalservice industry. Trust law is a multi-faceted industry dealingwith varied subject matter in charitable, pensions, commercialand family contexts. I believe that it is vital that the UKtrust industry continues to innovate, and that it retains theflexibility that so often provides it with a competitive advantage. These were the encouraging words of the Lord Chancellor, LordFalconer, at the launch of the report by the Law Commission(LC) on Trustee Exemption Clauses (TECs) in July. When the Bill which became the Trustee Act 2000 was being debatedin Parliament, Lord Goodhart expressed concern that it did nothingto restrict the use of TECs in trust instruments. In response,Lord Irvine (then Lord Chancellor) referred the matter
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