The Public Trustee will be restructured, with the commercial will, estate and trustee services currently provided to be transferred to the private sector.
In 2021, the Independent Review of the Public Trustee by Dr Damian Bugg AM KC made a number or recommendations, including that the Treasurer initiate a review by the Tasmanian Economic Regulator of the Public Trustee's fees and charges for clients required by law to use its services.
The Government has now considered the Tasmanian Economic Regulator's review after receiving the report earlier this year.
Both the Economic Regulator's Report and the 2021 Independent Review into the Public Trustee raised questions about the appropriateness of the government business model for the Public Trustee, given the competing tensions between maximising revenue and protecting the interests of its vulnerable clients.
The Government will restructure the Public Trustee following recommendations in the report and the independent review.
Attorney-General and Minister for Justice, Guy Barnett, said the Government's priority is to ensure our most vulnerable Tasmanians receive quality, efficient and effective services.
"We acknowledge that this is a difficult decision for the Public Trustee Board, along with the significant work that has been undertaken to date to implement the recommendations from previous reviews," the Attorney-General said.
"Our Government is determined to ensure the Public Trustee's services are effective and efficient for those clients who access these services, with further independent examination to be undertaken to ensure the service is best practice."
Treasurer Michael Ferguson said independent expert advice on the appropriate governance structure the services provided by the Public Trustee was being prepared for the Government.
"It is expected that this process will take eight weeks, with the advice to inform a future operating model," Treasurer Ferguson said.
"Subject to detailed implementation planning, it is anticipated that the new arrangements will be in place in 12 to 18 months."
While these changes will not occur immediately, existing clients are encouraged to contact the Public Trustee if they have any concerns.
