Regulator outlines trustee knowledge requirements

The code sets out practical guidance for trustees on how they can comply with the new legal requirements, which come into force on 6 April 2006. Rather than prescribing an exact body of knowledge that applies equally to all trustees in all circumstances, the code outlines a framework of matters which trustees need to know and understand. Within the framework trustees’ knowledge and understanding must be “appropriate” to carrying out their functions. For example, the code states the scope of knowledge required on the law relating to trusts includes an understanding of the special natur...