GUERNSEY has been losing business to Jersey because it has had no foundations legislation in place, according to fiduciary specialist Advocate Russell Clark (pictured).

The Carey Olsen partner, who was leading a presentation at St James last week on the key principles of the draft Foundations (Guernsey) Law 2011, said the sooner Guernsey brought in and approved its legislation the better, as it was something the fiduciary sector and the wider financial sector wanted to be able to offer to clients.

Jersey brought in its own foundations law in July 2009 and has enjoyed a fair amount of success in terms of new business won as a result.

‘Our law will be different to Jersey’s but we have missed out on opportunities by not having one, so we need to get on with it quickly,’ said Advocate Clark.

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