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SLI wants Executive to redraw Trustee Act

Scottish Life International is running a campaign calling on the Scottish Executive to amend the Trustee Investment Act 1961 to bring it into line with the English and Welsh version of the law.

The company wants the act to be amended so executors of trusts are obliged to consult advisers when carrying out the financial aspects of their duties.

It says changing the 1921 act would create a £2bn market, with Scottish IFAs well placed for business. SLI says a market worth £20bn a year exists in England and Wales because the version of the law was amended there in 2001.

SLI says the Executive has privately hinted it has “aspirations” to update the act but has no immediate plans to do so.

SLI communications manager Mark Whittet says: “When the act was amended in England, it opened up a new market for IFAs and providers. Such a change would bring great benefits to beneficiaries of trusts. We hope we are pushing at an open door here.”

Alan Steel Asset Management managing director Alan Steel says: “We would support it quite strongly and most lawyers would as well. They want to be seen as acting properly in these matters.”

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