Chamber Publishes Report on Falkland Islands Banking Services 2022-03-29
The Falkland Islands Chamber of Commerce is pleased to publish its “Review of Banking Services in the Falkland Islands”. The report is the result of collaboration and input from the Falkland Islands Chamber of Commerce, the Falkland Islands Development Corporation (“FIDC”), Standard Chartered Bank (“SCB”), the Falkland Islands Government (“FIG”), and members of our local business community.
Independent consultants Queenstown Strategic Advisors (“QSA”) were commissioned to create the report to help explore the limitations of the banking services available in the Falkland Islands and how those services can be improved to meet the needs of our community. Their findings conclude that the best solution to bring the Falklands into line with similar jurisdictions is for SCB to work with key stakeholders to improve the overall service proposition, including launching online/mobile banking and improving the availability of commercial finance.
Suggested initiatives to encourage this include:
– Migrating the SCBBranch onto aUKsorting code
– Commercial Lending Workshops between SCB, FIDCand FIG
– Raising Falkland Islands profile within executive levels of SCB
– Introducing relationshipmanagers for businesses
– Setting up a Fintech ‘Sandbox’ network with otherBritish OverseasTerritories
– Introduction of Green Mortgages
A well-researched and in-depth report
Chamber Chairperson, Mike Summers, said, “Banking services are vitally important to businesses and individuals across the Islands, and this report highlights how we arrived at our current position and how we can now work together to modernise those services. QSA has created a well-researched and in-depth report, and we would like to express our since thanks to Peter and Finn for their work.
We will continue working with SCB, FIG and FIDC to encourage implementation of the solutions identified, including online and mobile banking solutions.”
Mike thanked everyone for their contributions to the report, explaining that “without the input
from local businesses, government and the bank itself, this work wouldn’t have been possible.”
Sarfraz Rao, CEO of SCB’s Stanley branch, also responded positively to the outcome of the study, noting that “The document includes a well-researched and balanced body of work that supports Standard Chartered Bank’s long-standing commitment to the Falkland Islands, even during times of local or global stressors. We are very pleased to have been involved in this important review of banking services in the Falkland Islands. The report highlights some important areas of focus for Standard Chartered, and we are excited for the opportunity to work closely with other key stakeholders to bring about further improvements for our small Islands.”
Zachary Frankin, Managing Director of FIDC, which co-funded the project, continued, “FIDC was pleased to partner with the Chamber of Commerce to co-fund the study produced by QSA.
We are happy to see validation in the role FIDCplays within the Falklands as the lender of choice for businesses and the flexibility offered to clients via the corporations’ financial instruments, among several examples confirmed in the study”. Zachary concluded, “Access to banking services that adequately meet the needs of businesses and individuals is vital. As a result of the banking study, we look forward to seeing Standard Chartered Bank continue to take steps to align itself with the needs of its customers.”
The report is now available to download from the Falkland Islands Chamber of Commerce
website here: https://www.commerce.co.fk/banking_report/
For a physical copy of the report or any other enquiries, please don’t hesitate to contact our
office on +500 22264 or email manager@commerce.co.fk.
About Queenstown Strategic Advisors – Background
Queenstown Strategic Advisors was established in 2021 as a boutique advisory firm led by
principal Peter Softley. He has over 22 years experience in financial services as a corporate
banker, and subsequently as the Head of Strategy and Corporate Development for the
international division of a major UK bank. Peter enjoyed more than 15 years living and working in
small island communities. In this role he led reviews of the firm’s jurisdictional presence including
its strategy in Gibraltar in response to the withdrawal of a major competitor. Peter also was
responsible for designing and leading the firms response to the introduction of the UK’s ring-
fencing legislation. This included developing and delivering business plans to enter two new
jurisdictions and setting up two new banking entities in Luxembourg and the United Kingdom.
As part of the ring-fencing programme he led the engagement with the Prudential Regulation
Authority, Financial Conduct Authority, European Central Bank, Luxembourg’s CSSF and the
regulators in the Channel Islands, Isle of Man and Gibraltar. In addition Peter led industry level
working groups on the implementation of new prudential banking regulations introduced in
response to the global financial crisis.
