Investec Bank (Channel Islands) has called for the offshore banking sector to develop a code of best...
Investec Bank (Channel Islands) has called for the offshore banking sector to develop a code of best practice around client service levels and a promise to offer consistently attractive and fair products.
Mort Mirghavameddin, managing director, Investec Bank (Channel Islands), said the offshore banking sector needed to respond to a more sophisticated and demanding client base.
"We also believe that many offshore banking clients would welcome some assistance in their choice of bank, and a charter outlining some form of best practice that banks could aspire or adhere to could help with this," he said.
He added that those banks which are confident in their propositions and feel that they are focused strongly on the best interests of their clients should welcome this as it would be an effective marketing tool in promoting their proposition.
Mirghavameddin said as part of any offshore banking best practice charter, Investec would like several points included:
He said clients should have the opportunity to liaise with their dedicated personal account manager and not be referred to call centres. Additionally, banks should be able to offer a wide range of wealth preservation and creation services, specifically tailored to a client's individual needs.
"Furthermore, banks should be able to proactively update clients on market dynamics and pricing movements to enable them to make informed and profitable decisions. Banks should adhere to the highest possible standards of efficiency and transparency. Too many have long delays in passing on any increase in rates on their deposit accounts when relevant base rates rise. Client advisers should possess the necessary professional qualifications and experience in order to offer a quality service," he said.
He added that banks should be able to offer all clients consistently attractive products. Attractive returns on deposit accounts, for example, should not be subsidised by poor returns on other products.
Invested calls for code of practice
Need to respond to more challenging environment
Clients would welcome assistance in choice of banks
Despite improved risk appetite
FOS award limit increase
Relates to 136 million transaction reports
Ceremony will take place 13 November