I am instructed by the trustees (two UK resident and one resident in Malta) of a UK will trust.
The trustees were advised over the phone by Cater Allen and Barclays earlier in the year that one of the trustees being non-resident would not prevent them opening a trust account. However, the trustees have now had their application rejected by Cater Allen for this reason and have been advised by Barclays that they will not be able to open an account for the same reason.
I should be grateful to hear from any Forum members who are able to recommend any banks who do offer trust accounts in cases where there is at least one non-resident trustee.
For a number of reasons, it is not considered desirable for the non-resident to retire as trustee, and the trustees see this option as a last resort.
Harrison Clark Rickerbys
Metro can open accounts for trusts where 50% or more of the trustees are based in the UK - Peter King, T: 07943 654956, E: peter.king@Metrobank.plc.uk
Storrie & Company
It may be worth enquiring with Metro Bank, I found them to be very accommodating for a trust account with Maltese resident beneficiaries. In my case the Trustees were UK based but the usual banks would not accept the application due to the location of beneficiaries.
Glaisyers Solicitors LLP
I wonder if the banks would find it acceptable if the trustees were to use the powers under the Trustee Act 2000 to appoint the UK resident trustees as agents for all 3 trustees to open and operate the bank account.
Paul Saunders FCIB TEP
Independent Trust Consultant
Providing support and advice to fellow professionals
This is a relatively new problem and is mentioned in a recent weekend edition of the Financial Times. The banks’ attitude is creating all sorts of problems because of regulatory and anti-money laundering matters. I think Paul Saunders has a good answer, but I would also seek a variety of answers, first such as a creating a new (or sub) trust in an acceptable jurisdiction where you have professional trustees; I would also find out why Cater Allen & Barclays were approached in the first place - did the deceased know them and have accounts with them?
I would be cautious in dealing with Metro Bank - it has had some publicity which makes me concerned, and who are you going to sue if things go wrong when you have been dealing with essentially an internet bank? It makes me very nervous. If the estate is large enough, spend the monies and do a proper job, and not try and do matters on the cheap - these days it just does not work. Foreign Trusts may be complex and have annual running costs, but they do not have be outrageous in terms of fees and costs if properly handled.
Probate Resealing Services
I used MetroBank last year as we had given up with all other banks as none of them would open an account even though all of the trustees are UK based. MetroBank were extremely helpful even down to an error on one page of the account opening form and only needing that page replaced rather than a whole new form done and signed.
Lester Aldridge LLP