Welcome to Fairbairn Private Bank
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. The bank is driven by one
overriding aim; to serve its 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
the bank (click on the following link for full details of the
bank’s 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
Fairbairn Private Bank 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 or Jersey?
Ultimately, the decision on location is
dependant on your personal preference, but below is some useful
information about both locations:
- 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.
- Both locations have well established
finance industries and associated businesses, such as legal and
accountancy practices.
- With offices in the Isle of Man and
Jersey, each Fairbairn Private Bank office has its own specialities
and respective benefits, with well-qualified private banking teams
at each site.
Neither location is necessarily more
advantageous than the other, and all of the banks’ 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:
- Customers of Isle of Man banks can benefit from a
Depositors
Compensation Scheme if the banking institution is deemed to be
in default. A maximum compensation payment of £15,000 is
available in these circumstances.
- 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.
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’ i.e. 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?
Fairbairn Private Bank offers 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 Fairbairn Private Bank 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 Fairbairn Private Bank. 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 Customer Service Centre
on +44 (0) 1624 645000 between 8am and 8pm (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?
All clients are recommended to 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 Customer Service Centre on +44 (0) 1624
645000 between 8am and 8pm (Monday to Friday) who will be able to
offer support.
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Security
How financially robust are Fairbairn Private
Bank?
The bank holds an internationally recognised "A3/P2" credit
rating from Moody's (a leading provider of
independent credit ratings), indicating strong credit-worthiness.
This rating offers extra peace of mind and illustrates the level of
security recognised in Fairbairn Private Banks operations.
Fairbairn Private Bank is part of the Old Mutual group of companies. Old
Mutual is a FTSE 100 listed company with an established reputation
and its own "A3/P2" credit rating.
Is my money safe?
The Isle of Man and Jersey are established and reputable
offshore banking centres and are licensed respectively by the Isle
of Man Financial Supervision Commission for Banking and Investment
Business and Jersey Financial Services Commission to carry on
deposit-taking and investment business. In addition, any Isle of
Man accounts are protected by the Isle of Man
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 the Fairbairn Private Bank range.
Can I open a company account?
Fairbairn Private Bank accepts applications
from companies, however “Trading as” accounts are not available
(i.e. 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?
Fairbairn Private Bank can offer its
services in any of the world’s major currencies and provide a gold
status Visa card in Sterling, Euros 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 special
mandate). Telephone instructions and requests for information will
only be accepted if the Bank can adequately identify the caller as
the Accountholder. Investment instructions are time-bound and the
Bank can only act on such instructions if sufficient time is
allowed.
A Fairbairn Private Bank 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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N.B. The purpose of these Frequently Asked Questions (FAQ's) is
to give general information about our products and services and the
private banking industry. The information contained in these FAQ's
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
FAQ's 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.