The worldwide organisation of the Society of Trust and Estate Practitioners (STEP) has established a Malta branch, which was launched last Thursday at the Hilton Malta.

STEP is the principal professional body for trust and estate practitioners worldwide and this year celebrates its 15th anniversary. It is a unique society for professionals who help safeguard clients’ personal and family assets. STEP has some 5,000 members in the UK and nearly 12,000 members spanning 33 countries in common and civil law jurisdictions.

The concept was to cut across old professional divides and bring all professionals working on trust matters together. Members are drawn from many professions such as accountancy, banking, legal, executors, trustees and related professions. As an international body STEP is recognised by many governments and international organisations such as the EU and the OECD.

Over the past two years, a task group of the Malta Institute of Financial Services Practitioners has been working to set up a STEP branch in Malta. Over the same period the IFSP organised introductory education courses on trust concepts and Maltese Trust Law leading to “The Foundation Certificate in Trust Law and Management”.

Over 370 people have attained this certificate. This course has now been recognised by STEP and is equivalent to STEP’s own foundation course, which it turn gives the local course international recognition. It is hoped that financial services practitioners with the requisite trust and wealth management experience will apply to become full members of STEP (Malta) as this will enable them to use the internationally recognised designation T.E.P (Trust and Estate Practitioner).