Our London office at Holborn Gate, 330 High Holborn, London, WC1V 7QH provides UK-focused advice to private banks, wealth managers, family offices and high‑net‑worth individuals on the legal and regulatory matters that shape preservation, governance and transmission of wealth in England and Wales.

Overview and common structures

Wealth management and private banking require integrated legal, tax and regulatory advice. Common vehicles and arrangements in England and Wales include discretionary and bare trusts, onshore and offshore companies, limited liability partnerships, life assurance wrappers and bespoke family office structures. Choice of vehicle is driven by objectives such as asset protection, succession, tax efficiency, regulatory status and confidentiality, and must be aligned with clients’ residence, domicile and cross‑border exposure.

Key legal and regulatory considerations

Advisers and regulated firms need to consider:

• Regulatory permissions and conduct: FCA authorisation, suitability and appropriateness obligations, ongoing reporting and client categorisation.
• AML, KYC and sanctions screening: enhanced due diligence for PEPs and complex ownership chains, transaction monitoring and client risk assessments tied to the UK sanctions regime.
• Data protection and confidentiality: compliance with the UK GDPR and the Data Protection Act, appropriate data sharing agreements where outsourcing custody, investment management or family office services.
• Trust and fiduciary duties: trustee powers, duties to beneficiaries, duty to account and implications for professional trustees and corporate service providers.
• Tax and cross‑border reporting: interaction with HMRC rules on residence, domicile, inheritance tax, anti‑avoidance regimes and automatic exchange of information (CRS, FATCA).
• Structuring risk and regulatory arbitrage: careful documentation where using offshore elements to avoid inadvertent regulatory, tax or criminal liability.

Practical checklist for trustees, family offices and private banks

1. Confirm the regulatory status of the firm and whether specific activities require FCA authorisation.
2. Establish a proportionate AML/KYC framework, including PEP screening and source-of-funds checks.
3. Review trust deeds, company articles and service agreements for clarity on powers, succession and dispute resolution.
4. Assess data protection arrangements for cross‑border data transfers and outsourcing contracts.
5. Obtain tax residency and domicile assessments for key individuals and the family office; consider reporting obligations (CRS/FATCA).
6. Put governance mechanisms in place: meeting cadence, conflicts policies, investment mandates and contingency planning for incapacity or death of principals.

Jurisdiction and sources

Primary UK sources and regulators relevant to wealth management and private banking include:

• Financial Conduct Authority (FCA)
• HM Revenue & Customs (HMRC)
• HM Treasury
• Companies House
• Information Commissioner’s Office (ICO)
• Office of Financial Sanctions Implementation (OFSI)
• National Crime Agency (NCA)

Where Scots law is material (for example, trusts and succession may differ in Scotland) separate local advice should be obtained.

General information only; not legal advice and not a substitute for advice on a particular matter.