Insinger Director Retires

After a long and distinguished career in the financial world, Mr. Noel Barton is calling it quits. Well, almost anyway! Mr. Barton, a Director in the Trust and Management Services firm of Insinger de Beaufort in the British Virgin Islands, is retiring effective March 31st, 2000, but will continue to work as a Consultant for the group. A chartered accountant by training, he began his career in 1948 as an Articled Clerk in London. He later moved on to Zimbabwe and Zambia, before coming to the BVI in November 1970 as a Senior Partner in a firm of accountants, which ultimately became KPMG Peat Marwick. In an interview with The Island Sun newspaper, Mr. Barton recalled that there was very little here thirty years ago in the field of accounting and financial services. He said the only bit of useful legislation was the Double Taxation Relief Agreement with the United Kingdom, which produced some revenue for the territory. However, this agreement was terminated by the end of 1971. Back then, there were only three Accounting firms here - Dickinson Rawlinson and Hunter, Coopers and Lybrand and Pannell Fitzpatrick, which he represented. In 1973, Steven Dickinson had to return to the UK and Barton merged with his company here.

At that stage, Ian McGregor of Dickinson Rawlinson and Hunter set up his own accounting firm, which was the forerunner to the present Deloitte and Touche. In 1972, Coopers & Lybrand closed its local operation and Pannell took over much of the business. According to Mr. Barton, around that time, the government was developing the use of the Double Taxation Relief Agreement with the United States. Mr Barton and Mr. Neville Westwood of Harney Westwood and Riegels attended various tax conferences to publicize the benefits of operating through the BVI. "And it was due to his (Mr. Westwood's) great efforts that the groundwork was established for the financial centre business, which is now producing substantial revenue for government," Mr. Barton said.

He said when the U.S terminated the agreement in 1981, the territory had to look for an alternative revenue producer. "With the aid of Neville Westwood and Shearman & Sterling, a major New York law firm, we produced the International Business Companies Act, which came into effect in 1984 and it proved to be a model for legislation adopted by other jurisdictions," he noted. Mr. Barton went on to say that the major benefits of the new legislation were realized when there was political turmoil in Panama. The overseas companies using Panamanian companies started using BVI companies instead. This position was further assisted by other problems in Liberia. With the increased business, other professional firms of accountants, lawyers and Trust Companies were established in the BVI, as a result of which local and international clients now have a very efficient and multifaceted range of services to choose from.

In 1983, the Pannell office became KPMG in the BVI and Mr. Barton maintained his long association with the company until 1989, when he retired. However, he was asked to continue as Chairman of Havelet Trust Company BVI Ltd., a firm which had been set up in 1980 and of which he had been the Director since then. At the beginning of 1999, Havelet merged with the Insinger group of companies and Mr. Barton continued as Director of Insinger. "And I'm pleased to say that I will continue my association with them after my retirement, in order to assist with the affairs of clients, many of whom I have known for 20 years or more." Insinger came to the BVI in 1994 and acquired the KPMG Trust Company that he had set up earlier on. Reflecting on his years in the British Virgin Islands, Mr. Barton said both him and his wife have been very happy here. He said the people have been extremely friendly and very importantly, it has been satisfying to watch and be a part of the growth of the financial services sector, from its small beginning in 1970 to the substantial industry that it is now. "It is regulated by the Financial Services Department and I would like to express my personal appreciation for all the guidance and assistance given over the years by the present Director of Financial Service Robert Mathavious," said Mr. Barton. He added that this growth has been produced by everyone within the industry, by ensuring that the needs of clients are met efficiently and promptly.

Mr. Barton also served for 10 years as Chairman of the BVI Social Security Board. During his retirement, he intends to play a lot more tennis and golf, further cultivate his favourite hobby - stamp collecting - as a life member of the BVI Philatelic Society and get on to visiting two places in the world he has yet to go - the Galapagos Islands off South America and Petra in Jordan.