Gibraltar's Financial Services Commission (FSC) published a guide last week aimed at helping consumers understand the different aspects of banking and banking products.
The aim of the guide, according to the FSC, is to provide direction and clarity for consumers in the banking world. It brings to the consumers’ attention the different types of products available to the individual.
The guide aims to advise consumers about important matters to take into consideration and questions to raise when deciding on particular products, and also provides an overview of the laws surrounding the world of banking.
Divided into 4 sections, the guide covers ‘Banking Products’, the ‘Gibraltar Deposit Guarantee Scheme’, the ‘Law surrounding the world of banking’ and ‘Complaints’.
Additionally, it contains a glossary of common banking terms used in relation to different types of banking products.
Heidi Bocarisa, Head of Banking & Investment Services, explained that:
“Very often customers are not sufficiently familiar with the full range of banking products available to them. The aim of this guide is to provide what we hope is a simple yet informative guide about the main types of banking-related products, ranging from savings and current accounts, to loans and mortgages."
"The guide also sets out the different characteristics of banking services such as direct debits, standing orders, cheque books and debit/credit cards.“
Users can access the guide on the FSC’s web-site by clicking on the Consumer section on the menu, followed by the Banking Consumer Guide.
A comprehensive report in our Intelligence Report series examining offshore banking jurisdictions is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report3.asp
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