Under the Trustee Act 2000, there are some key responsibilities. These are:

    • To act with 'reasonable' skill and care
    • To take advice where appropriate
    • To keep the investments under review
So what is 'reasonable' skill and care? This is dependent on your personal knowledge. If you are, say, an investment professional, then you would be expected to have higher standards than a lay person.
If you are not competent in the investment arena yourself, you should obtain proper advice as to how best to invest the monies, unless the cost of such advice is prohibitive in relation to the value of the trust. Proper Advice is defined as "the advice of a person who is reasonably believed by the trustee to be qualified to give it by his ability in and practical experience of financial and other matters relating to the proposed investment".

The FCA does not regulate income tax and trust planning.