Finance For Guernsey

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Fiduciary Banking: Satisfaction levels

There was widespread dissatisfaction and issues but praise for wealth managers and advisors.
54% of respondents were dissatisfied with commercial mortgages 52% were dissatisfied with current accounts 48% were dissatisfied with personal loans 59% were satisfied with service of wealth managers / financial advisors

When applying for particular products and services a large number experienced issues across the board:

77% of respondents had experienced issues applying for current accounts 68% with commercial mortgages 66% with personal loans 63% with deposit accounts 61% with credit cards

What does this mean?

Also of interest was that the level of satisfaction was higher among fiduciaries with operations outside of Guernsey, with just 21% of those with Guernsey only operations being satisfied compared to 42% of those with global operations.

The size of the company had little impact on levels of satisfaction. 30% of those companies with less than 25 employees were satisfied and 32% of those with more than 25 employees were satisfied.

Whatever solution is proposed will need to take into account all business sectors, regardless of where their business interests are, the size of the company or their annual turnover.

“Whatever solution is proposed will need to take into account all business sectors...”


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