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Offshore Financial Services in the British Isles 2004
Datamonitor, Sep 2004, Pages: 82
Figure 6: Offshore competitors in the British Isles are much more concerned about the impact of the EU Savings Tax Directive than that of the Patriot Act (Figure provided in Full report)
Reduced tax advantages and a perceived loss of confidentiality among clients fuel provider concern
Among offshore financial services providers in the British Isles concerns around the EU Savings Tax Directive fall into broadly two camps. Firstly, and most obviously, there is concern that business which would previously have been placed in the British Isles will instead gravitate for tax reasons towards jurisdictions not captured by the Directive. Notable examples currently include the Bahamas, Hong Kong and Singapore. The first focus of competitors is therefore on developing products and services sitting outside the scope of the Directive, including trust vehicles and life assurance bond wrappers.
Figure 13: Customer service, coupled with competitive rates and a strong brand are key in attracting local, expatriate and corporate customers (Figure provided in Full report)
Local customers most value excellent service and a strong brand when choosing their provider
Local customers in the British Isles demand strong customer service levels from their financial services providers. Brand and competitively priced products are also important considerations. Other factors, such as location/branch network and product features are seen as relatively unimportant. Expatriates look most for strong customer service and competitively priced products For expatriates, by far the most important factor in choosing a financial services provider in the British Isles is perceived by providers to be the level of customer
Figure 14: Royal Bank of Scotland International is considered the biggest competitor in offshore deposits by its peers in the British Isles (Figure provided in Full report)
Barclays Private Clients, HSBC and Liberty Ermitage are seen as the most dominant mutual funds providers
Within mutual funds, Barclays Private Clients is most widely perceived to be the dominant player, followed by HSBC and Liberty Ermitage. The latter is less expected, and appears likely to stem from recent market sentiment, which has tended to favour the alternative investment products in which Liberty Ermitage specialises.
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