60-second interview with Tara Frater

Tara Frater, 7/5/2019

Tara Frater TEP is Principal and Founder of FT Legal, in Barbados.

What does your firm or organisation do?

FT Legal is a Barbados-based boutique business and private client law firm and consultancy serving clients who choose the Caribbean.

What has STEP done for you, individually, or as a business?

STEP has afforded me the opportunity to engage and grow with best-in-class colleagues regionally and globally. It creates opportunities for me to interact with such colleagues in a formal and informal context, and build relationships that last.

What is the most important thing STEP does, in your opinion?

STEP galvanises concerns and rhetoric into action, and is a respected voice on matters which affect our communities and regions.

You will be speaking at the STEP Caribbean Conference this month. What will you be speaking on and what are the main issues?

I am delighted to speak on private trust companies which have been available in many international financial services centres for some time, but retain their relevance and value as vehicles offering useful advantages to settlors and their families.

What do you most like about your job?

I enjoy being a trusted confidante, support, champion and ear to my clients. I know that they have a plethora of choices as to advisors, and am grateful for their trust and confidence.

.. and what do you feel is most worthwhile?

I enjoy it when I feel as though I’ve solved my clients' problems!

What would you say to a young person thinking of a career in this industry?

Pursue your passions.

Which sectors are likely to see the strongest future growth, do you think?

Giving the raft of legislative changes relating to economic substance requirements across international financial services centres, I expect that we will see an increase in high-net-worth individuals and entrepreneurs relocating to such centres. They will need assistance with the planning and execution of such significant lifestyle changes, and will need savvy professionals to support them through that process.

I also foresee a significant opportunity for jurisdictions which are able to seize on the FinTech opportunity, as many blockchain and other technology companies actively seek jurisdictions to call home.

What about jurisdictions?

The jurisdictions which are best able to offer 'frictionless' business environments to enterprises seeking to satisfy economic substance requirements will have a clear advantage.

What trends do you see in the global private wealth sector at the moment?

A rise in investment in Bitcoin and other cryptocurrencies, particularly with the development of custodial solutions of legacy and traditional financial institutions.

What do you feel are the main challenges facing practitioners at the moment?

As practitioners, the increasing burden and cost of satisfying rapidly-evolving requirements and standards, targeted at international financial services centres, is particularly onerous.

Which social media channels do you use and why?

I reserve some channels for family and close friends, and use LinkedIn for communicating on business developments.

Tara Frater TEP is the Principal and Founder of FT Legal, which assists clients doing business in the Caribbean. She is Chair of the STEP Barbados Branch and serves as a member of the STEP Caribbean Conference Steering Committee, as well as the STEP Digital Assets Group. She is a recognised speaker on the STEP Caribbean and STEP LatAm Conference circuit.