Trustees may still be penalised in costs even where the court blesses their decisions: Y Trust  JRC 135
The Y Trust  JRC 135 case involved an application by the trustee for a blessing in relation to its decision to distribute the assets of the trust, which was inconsistent with its previous indication (described as a final decision) that the trust assets would be split 50 per cent for the benefit of the settlor’s eldest son (A) and 50 per cent for the benefit of the settlor’s younger son (B) as well as B’s three grandchildren and his grandchild.
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In March 2011 our Jersey office reported on the death of ‘Hastings-Bass’ in the UK as a remedy for trustee ‘mistakes’.
The Review of Financial Advice (RFA) is the Jersey Financial Services Commission’s response to the UK Financial Services Authority’s Retail Distribution Review (RDR).