Can any forum members provide the contact details for a helpful named contact at a bank who will be able to assist with setting up accounts for four family trusts.
Following a change of trustees (from a bank’s trust department) the current trustees are two UK solicitors. The former trustee bank will not offer an account to the new trustees and new accounts are required.
The trusts are UK based and the main beneficiaries are British citizens, however some of them are resident in Malta.
The trusts have an overall asset value of several million, but initially only a fairly basic banking facility is required for the receipt of income and payments out to beneficiaries.
Having approached several major banks I have been advised either that the foreign residence of a beneficiary means they cannot assist for “compliance reasons”, or from others that the bank has “no appetite” for taking on trust accounts.
I have run out of patience to make repeated lengthy phone calls to banks only to be bounced between business banking and charity teams who do not seem capable of understanding the situation. I simply want to speak to a person who can consider the requirements and give a straightforward answer.
I understand there may be a reluctance to post contact details on the forum and if you would prefer to email me direct then please do so.
Chris Burrows
Glaisyers Solicitors LLP