Balls rethinks identity checks on trusts

The industry has previously raised concerns in January over the fact the draft regulations put out for consultation - which included the term ‘beneficial ownership’ - were “unworkable” under English Law and would be confusing to advisers. As a result, Balls has written to Fiona Woolf, president of the Law Society, outlining the Government’s “current thinking” on the best way to implement the requirement to “identify and verify the beneficial owner with regard to trusts”. In the letter - which will also be distributed to other trade bodies and financial supervisors - he puts forward p...