Frequently Asked Questions
Your questions answered:
Private banking
Offshore
Online
Security
Services
Private banking
What is a
private bank?
Private banks are central in the financial
planning of many individuals, namely individuals who hold
considerable personal assets. Wealth and investment management
services are the main offerings but a private bank can also offer
the same services as any high-street bank, such as personal and
corporate accounts, gold status Visa cards, loans and foreign
exchange, whilst maintaining client confidentiality at all times.
As a client of Fairbairn Private Bank your requirements are looked
after by knowledgeable and dedicated staff, whose relationship with
you is paramount to the bank’s service offering.
What is different about Fairbairn
Private Bank?
Fairbairn Private Bank holds an envied
reputation and track record for providing quality and innovative
solutions to match client needs. We are driven by one overriding
aim; to serve our clients better than any other financial services
organisation. Rather than adopt a sales and commission driven
culture, integrity and objectivity are considered key. This ethos
is proven by the awards and accreditations held by us (click on the
following link for full details of our awards and
accreditations).
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Offshore
Why bank offshore?
Offshore banks offer advantages where your residency or domicile
status permits (see What is meant by the term 'domicile' and
'residence' below).
Expatriates, non-UK domiciled individuals living in the UK and
overseas workers would all particularly benefit from the
flexibility of offshore facilities. Other clients bank with us
because they require a high quality service or perhaps want to
utilise expertise on international investments. In addition, the
forming of trusts and offshore companies can offer advantages in
the areas of succession and/or tax planning.
Are offshore bank accounts legal?
There are many reputable offshore centres
around the world and the Isle of Man and Jersey are amongst them.
They have both earned an internationally recognised standard of
world-class financial practice by putting in place a level of
regulation and supervision, which commands universal respect. Both
Jersey and the Isle of Man are now recognised as financial centres
in their own right.
Withholding information about any part of your financial affairs
could be illegal in some countries. Accounts held in well regulated
offshore centres are as valid as any other account, however the
responsibility to make the relevant tax declaration/s lies with the
account holder (all interest is paid gross but this may be subject
to a retention tax if you reside within the EU).
How do I choose between opening an account in the Isle
of Man, Jersey or London?
Ultimately, the decision on location is
dependant on your personal preference, but below is some useful
information about all three locations:
- All locations have well established
finance industries and associated businesses, such as legal and
accountancy practices
- Both the Isle of Man and Jersey are
considered to be amongst the safest offshore banking communities in
the world, due to the high standard of financial regulations
- With offices in the Isle of
Man, Jersey and London, each of our offices have their
own specialities and respective benefits, with well-qualified
private banking teams at each site.
No location is necessarily more
advantageous than the other, and most of our products and services
are available through each office. There is very little to
distinguish one location from the other, however each has their own
unique benefits, as follows:
- Accountholders with our Isle of Man office are protected
by the Isle of Man Depositors'
Compensation Scheme.
- Jersey, as part of the Channel Islands, is not subject to
EU VAT requirements and as such, is exempt from any VAT charges.
This means charges such as management fees and custody fees will be
VAT free. Accountholders with our Jersey office are
protected by the Jersey
Depositors' Compensation Scheme.
- Accountholders with our London office are protected by the
UK Financial Services Compensation
Scheme. Most depositors, including individuals and small
firms, are covered.
What is meant by the term 'domicile'?
‘Domicile’ is a general term for ‘permanent residence’ in legal
terms. A person may have many places of residence, but may only
have one domicile. At birth a person obtains the domicile of their
parents, and can change it by forsaking their former domicile and
intending to reside indefinitely at a new place in which they are
physically and lawfully present.
What is meant by the term 'residence'?
A person usually has legal residence in one location or
jurisdiction or may choose to establish residence in a particular
jurisdiction, sometimes for reasons of tax. The UK and some other
countries have the concept of ‘tax residence’, ie, a country of
residence for purposes of taxation. In the UK, presence in a
country for more than 183 days in any one year is enough to
constitute residence for taxation purposes.
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Online
Do you offer internet services/banking?
We offer account viewing facilities via the internet. You
can securely view your account details online from anywhere in the
world, round the clock, removing the need for printed and posted
statements. The most up to date password protection and message
encryption systems are used to give total confidence.
Which accounts are available to view
online?
All of our products and services are available to view online.
The Focus product integrates
your banking and investments into one account which gives an
integrated report online. This shows all details of banking and
investment transactions you have made, enabling you to see your
total net worth with us. Click on the following link to apply for online
access.
What do I do if I forget my
username and/or password?
Please contact our client services centre
on +44 (0) 1624 645000 between 8am and 8pm (UK time), from Monday
to Friday, who will be able to identify you using several levels of
security questions and re-confirm your username. In the event of
your password being forgotten, a temporary password will be
assigned to you giving you the opportunity to log on and change it
to something more memorable to you.
How often does the password change?
We recommend that all clients change their online
password at least every 60 days to help maintain the security of
your account.
Where can I find details of interest rates?
Fixed term deposit holders can view their
interest rate via their online account access. Once logged on,
select the relevant account and click on Account Details.
All other interest rates can be viewed by
clicking on ’Banking services’ (this can be found along the
navigation bar near the top of the screen), and then click on
‘Interest rates’, to the left of the screen. Alternatively, please
click on the following link to view our interest rates.
How can I get more help? / What if I make a
mistake?
Please contact our client services centre on +44 (0) 1624 645000
between 8am and 8pm (UK time), from Monday to Friday, who will be
able to offer support.
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Security
How financially robust are Fairbairn Private
Bank?
We hold an internationally recognised A3/P2
credit rating from Moody's, reflecting our solid financial
fundamentals and very low risk profile. Moody's are a leading
provider of independent credit ratings and are among the world’s
most respected and widely utilised sources for credit ratings,
research and risk analysis. More information about Moody's can be
found on their
website.
In addition, our very low risk business model has ensured no
investment in Sub Prime instruments or other such proprietary
investments, neither do we need to borrow any money from the money
markets to fund our operations. As a consequence, we are
not impacted adversely by the current market conditions.
The ultimate parent of Fairbairn Private Bank is Old
Mutual plc, which is incorporated in England and Wales.
Fairbairn Private Bank places limited funds with other parts of its
group and thus its financial standing is linked to, albeit not
wholly dependent upon, that of the group. Fairbairn Private
Bank has its own independent credit rating from the international
credit rating agency, Moody’s. Depositors may wish to form
their own view of the financial standing of Fairbairn Private Bank
and the group based on publicly available information. The
latest report and accounts and details of the
credit
rating are available online.
Is (are) my money
/ investments safe?
Our operations are based in established and
reputable banking centres and are licensed respectively by the
Isle of Man Financial Supervision Commission for Banking and
Investment Business, the Jersey Financial Services Commission
to carry on deposit-taking and investment business and the London
office is authorised and regulated in the UK by the Financial
Services Authority.
If you are holding investments with us through our custody and
nominee service, or indeed our discretionary investment management
services, your investments are held outside Fairbairn Private Bank
within a nominee company. Therefore your assets are
securely ringfenced in such a manner as to clearly indicate that
they do not belong to Fairbairn Private Bank.
Accounts with our Isle of Man office are
protected by the Isle of Man
Depositors' Compensation Scheme.
Accounts with our London office are protected by the
UK Financial Services Compensation
Scheme.
Accounts with our Jersey office are protected by the
Jersey Depositors' Compensation Scheme.
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Services
How do I open an account?
You can either download an
application form and terms and conditions, complete it and
send it to us with the correct
documentation or contact the bank on +44 (0) 1624 645000,
where your requirements will be matched to the most suitable
product or service from our range.
Can I open a company account?
We accept applications from companies,
however “Trading as” accounts are not available (ie, accounts which
do not include the legal names of its proprietor, the names of all
partners, or the official registered name of the limited
partnership or corporation that owns it).
What other accounts are
available?
Accounts can be opened for personal and
corporate trustees, charities, clubs and unincorporated
associations.
In which currencies can I bank and/or
invest?
We can offer our services in any
of the world’s major currencies and provide a gold status Visa card
in sterling, euro and US dollars. Where required, a full
commission-free foreign exchange service is available, with no
minimum or maximum size of deal.
How do I deposit and gain access to my
money?
Cheques and bank transfers are the accepted
forms of deposits. For withdrawals, sterling accounts can have
standing orders and direct debits set up for regular payments
within the British Isles. Banking and investment instructions can
be taken by telephone, letter or fax (the latter subject to a
special withdrawal mandate). Telephone instructions and requests
for information will only be accepted if we can adequately identify
the caller as the accountholder. Investment instructions are
time-bound and we can only act on such instructions if
sufficient time is allowed.
A gold status Visa card allows you to make purchases
and cash withdrawals. The balance on the card will be automatically
settled from your account, free of charge, avoiding any chance of
late payment. The card also offers a comprehensive insurance
package.
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NB: The purpose of these Frequently Asked Questions (FAQs) is to
give general information about our products and services and the
private banking industry. The information contained in these FAQs
is not intended to and does not constitute any offer by us to sell,
neither is it intended to be an invitation or solicitation to buy,
any product or service and must not be relied upon in connection
with any investment or other decision. Nothing contained in these
FAQs constitutes investment, legal, tax or other advice and is not
to be relied on in making an investment decision.
The full website disclaimer notice provides more information on
legal and regulatory issues and other matters which you should be
aware of when reviewing the content of this Website.