60-second interview with Peter Hodson

Peter Hodson, 4/9/2018

Peter Hodson TEP is Director, Hodson & Company, Guernsey.

What does your firm or organisation do?

I operate as an independent personal fiduciary licensed by the Guernsey Financial Services Commission. This means I act as co-trustee, trust protector, enforcer and a director of private and listed companies and investment funds in private wealth structures. In addition, I’m a consultant to Stephenson Harwood’s private wealth department in Hong Kong.

As someone in the industry, what is the most important thing STEP does, in your opinion?

STEP provides excellent professional training and qualifications for practitioners involved in private wealth.

The STEP Professional Postgraduate Diploma in Private Wealth Advising (PPgD) is a new programme – what has been your involvement?

I am author of the Compliance for Trustees Module, and to date have delivered two masterclasses. I am also one of the assessors for the oral assessments which take place at the end of the Diploma programme.

What is covered within your masterclass?

Compliance is now at the epicentre of most businesses. Students focus on how risk identification and assessment are critical to protect the business and its reputation, as well as how to mitigate the potential liability of an organisation, its officers and employees.

It is just as relevant for trustees, who in some ways face greater challenges, because of their dual role in protecting trust assets and producing adequate financial returns. They need to implement an effective compliance function incorporated within their business strategy.

We also look at the significant rise in the complexity of regulations which impact trustees, beneficiaries, and professional advisors. Overall, the module analyses not only the regulatory and financial crime risks trustees face, but the importance for trustees to comply with their fiduciary roles when safeguarding trust assets.

Why do you feel it is important for practitioners to gain a better understanding of this subject?

Trusts have many uses both for commercial and private purposes. Compliance is at the heart of any trustee business, and it is crucial for trustees to understand the variety of risks which face their business and how to manage them in a complex regulatory environment.

Who do you think would benefit from undertaking this Professional Postgraduate Diploma?

All senior and experienced private wealth practitioners, including lawyers, accountants, trustees, investment advisors, trust administrators, wealth planners, private bankers and family offices.

The PPgD, in addition to leading to full STEP membership, also leads to a Masters in Private Wealth Advising. Do you see this as an attractive offering?

Yes, because it integrates technical subjects with a practical approach.

How do you feel the PPgD will support practitioners in their day-to-day practice?

It will provide them with critical analytical skills, which will enhance their knowledge and expertise across all aspects of the private wealth business.

Have you any advice for students that are considering enrolling for the PPgD?

It will enhance students’ expertise and expand their skill sets which will provide them with greater opportunities in developing their careers.

Peter Hodson TEP is Director of Hodson & Co Ltd, in Guernsey. A long-standing STEP member, Peter is a senior tutor teaching STEP Certificate and International Diploma courses, and is editor and moderator of STEP Compliance for Professional Advisors, masterclass tutor and oral assessor for the STEP Professional Postgraduate Diploma in Private Wealth Advising (PPgD).