The Society of Trust and Estate Practitioners (STEP) has set up a private banking and wealth management group to lobby the UK government on tax, regulatory and competitiveness issues affecting the private wealth sector.
STEP’s working group has been founded as regulatory initiatives, such as FATCA and the RDR in the UK, increasingly affect the market and private clients.
STEP’s working group members will include advisory firms and private banks keen to ensure that the value of private wealth is better understood by the UK government, STEP said.
The group has been created in the UK, but is seeking members from around the world.
STEP will look to establish similar working groups in different countries in the future, a STEP spokesman added.