Advisers blast 'ridiculous' trust registration rules

But Mr Milton said even if the adviser wasn't the trustee this is still a headache for firms such as his.

He said: "In many instances those ‘trustees’ will have forgotten about appointments too – we deal with this quite often on the maturity of an event, for example, having to turn detective to track-down those who may have been appointed some years ago.

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"It just seems very unnecessary in that it is only at the ‘end’ that some action happens financially (and the beginning of course)."

He added his biggest concern around the issue was the uncertainty about where responsibility could lie.