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Falkland Islands Banking Review Reveals Challenges and Opportunities

A comprehensive review of banking services in the Falkland Islands has shed light on the challenges and opportunities facing the territory’s financial sector.

The report, conducted by a team from [organisation], highlights the significant impact that the size and scale of the market have on the breadth of products and services available. It notes that smaller, non-sovereign territories tend to be at an advantage due to their ability to leverage greater resources and political influence compared to their small yet sovereign counterparts.

Challenges

However, the report also suggests that countries with a higher level of constitutional integration tend to have a greater number of banking providers present and a broader range of products available. This is reflected in the case of the Falkland Islands, which has a smaller market size and fewer banking providers compared to territories like Easter Island and St Pierre and Miquelon.

Opportunities

The report praises the generosity of local businesses and organisations that provided valuable insights into their current banking experiences. These include:

• Coast Ridge Farm
• Wild Falklands Camp
• 60 South
• Beauchene Fishing
• Falklands Legal
• Government of South Georgia & South Sandwich Islands
• SG Accounts
• Waverley Law
• Seafish
• Falkland Islands Company
• Fortuna
• Stanley Services
• Shorty’s Diner

In addition to these local stakeholders, the project team also met with key government departments and international banks, including:

• Standard Chartered Bank
• Gibraltar International Bank

The report notes that despite extensive efforts, Sure, the telecoms provider, did not respond to invitations to organize a face-to-face meeting or video conference.

Conclusion

The report concludes that stakeholders should focus on securing and sustaining access to a core range of essential services, given the size and lack of scale of the market. It also highlights the need for banks to operate in scaled markets to generate acceptable and sustainable returns on equity.

Key Findings

• The extent of integration with the ‘metropolis’ country heavily influences the plurality of banking providers and breadth of services available.
• Smaller, non-sovereign territories tend to be at an advantage due to their ability to leverage greater resources and political influence.
• Countries with a higher level of constitutional integration tend to have a greater number of banking providers present and a broader range of products available.
• The size and lack of scale of the market constrains the breadth of products and services available.

Recommendations

• Stakeholders should focus on securing and sustaining access to a core range of essential services.
• Banks should operate in scaled markets to generate acceptable and sustainable returns on equity.

The full report is available online at [organisation website].