What are the problems and why?The lack of access to transactional banking is an existential threat to the Guernsey economy. Islanders are limited in their ability to buy homes or access credit, new companies can’t open accounts and fiduciaries are struggling to service new clients.
The reasons as to why are numerous:
- Risk decisions are decided off-island
- Gold-plating of regulatory requirements – so it’s harder to get clients through the requirements Lack of appetite for offshore assets – certainly something that’s not an area for the future in talking to the larger banks
- Pooling of resources in offshore centres into “centres of excellence” – as Guernsey is not a priority, people for example are having to speak to someone in the Isle of Man regarding a local issue which they may not fully understand; unfortunately we are a jurisdiction that the banks don’t have to be dealing with and so there is a tendency to reduce exposure quietly but inexorably over time.
- Offshore banking is not what the banks want to do
Survey Results GUERNSEY CUSTOMERS
402 surveys completed in total
Banking services in Guernsey: opinion statements
High numbers experienced difficulties plus low levels of satisfaction
Personal Banking: The Problems
Personal Banking: Satisfaction levels
Business Banking: The Problems
Business Banking: Satisfaction levels
Fiduciary Banking: The Problems
Fiduciary Banking: Satisfaction levels
What are the problems and why?
What are the solutions?
The next steps