Welcome to my ‘Quick Q&A’ series in which I will address questions that I am often asked by my clients and highlight issues that affect their international residential investment decisions.  Each week I will be sitting down and asking 5 questions, working alongside a group of industry experts to answer your most frequently asked questions.

This week I sat with David Smylie from Arbuthnot Latham.

1.What is the main difference between Private Banking and Retail Banking?

I would say the biggest difference is service. At Arbuthnot Latham, each client has a dedicated private banker who spends a lot of time and effort building up the client relationship, so that financial services and solutions can be truly bespoke to that client. Each private banker has a small portfolio of clients and this gives them the ability to really get to know and serve their clients well. The volumes of clients involved in retail banking means that this kind of personal touch or advice is often unachievable.  

2.What kind of services do Private Banks provide?

Services vary from bank to bank, but generally the breadth of proposition is wide. Services can include multi-currency accounts and cash management solutions, foreign exchange services, property and investment-backed lending facilities, investment management and wealth planning services. A good private bank will always take time to understand a client’s needs and objectives, before putting in place any solution. 
 

3.As a British Private Bank, does that mean you have to be British to become a client?
Certainly not. Arbuthnot Latham has a wide and diverse client base that comes from across the world. From our Dubai office, we look after both expats and GCC national clients who are resident across the Middle East.

4.How important is regulation in the Banking industry?
Regulation has changed dramatically over the years and is an extremely important part of the industry now. Regulation offers protection to clients and ensures that banks treat their customers fairly, whilst providing them with fair and suitable advice. As a bank that is registered in the DIFC, Arbuthnot Latham is regulated to a high standard by the Dubai Financial Services Regulator (DFSA). Given our operations in the UK, we are also authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and PRA in the UK, and so clients are offered a high level of regulatory protection.

5.Do you have to obtain a mortgage from a British Bank if you want to buy a property in the UK?
No, although there may be advantages of doing so. British banks will likely have a more in-depth knowledge of their own housing market and are also more likely to lend money against properties based across the country as opposed to only in the big cities such as London. The key is finding a lender who understands and can be flexible in their approach to the borrower and their personal circumstances, the asset being purchase and any vehicle or structure that the asset may be held within.

If you have any questions or other topics that relate to purchasing property overseas, let me know how I can help HERE.  Savills are connected to a wide network of partners and if we are unable to assist directly, we will certainly connect you with a trusted partner who can be of service.