We need your help confirming some information
To ensure the services we provide meet the regulatory standards required of a private bank*, we need to understand how many of our clients hold ‘net assets’ worth over £250,000. As ‘net assets’ are not just those held with Coutts, we need you to confirm whether the total value of all your ‘net assets’ is above or below this threshold.
We need your help confirming some information
To ensure the services we provide meet the regulatory standards required of a private bank*, we need to understand how many of our clients hold ‘net assets’ worth over £250,000. As ‘net assets’ are not just those held with Coutts, we need you to confirm whether the total value of all your ‘net assets’ is above or below this threshold.
*The regulatory standards required of a 'private bank' and the relevant FCA definition can be found here under Banking Conduct of Business Sourcebook (BCOBS) 7.1.1R (2)(d). Please be aware that this is only one of many regulations that refer to private banks and the assets threshold that needs to be measured.
A FEW FACTS ABOUT WHAT WE NEED TO KNOW
- All private banks in the UK need to collect this information each year.
- No client personal information is passed to the regulator - or indeed any other third party. We simply need to know the proportion of our clients holding over £250,000 in ‘net assets’.
- The information we are asking you to provide relates to all your ‘net assets’, not just those held with Coutts. ‘Net assets’ can be summarised as all qualifying assets that you own, less any borrowing against those assets, and includes cash, stocks and shares, jewellery, art and holiday homes but not your primary residence, or any loan secured on that residence, or pension. Full details about what’s considered a ‘net asset’ can be found here.
- Please remember, the information we are asking you to provide relates to all your ‘net assets’, not just those held with Coutts.
HOW WE'LL COLLECT THIS INFORMATION
To try and make the process as efficient as possible, this year we’re introducing digital verification through Coutts Online and Coutts Mobile. Because the information is captured through our digital banking services, you can rest assured that the request for the information is genuine and that it really is us that you’re providing it to.
Should you have any queries or concerns about this, please do speak to your private banker or call Coutts 24 on 020 7957 2424.
Thank you in advance for helping us meet our regulatory commitments.
DEFINITION OF 'NET ASSETS'
What do we mean by ‘net assets’?
‘Net assets’ can be summarised as:
All qualifying assets that you own, less any borrowing against those assets.
Please be advised that qualifying assets in joint names can be counted by both parties equally.
The table below sets out which types of assets can or can’t be included when calculating the value of your ‘net assets’. Please ensure you deduct any borrowing against these assets.
✔ = Yes it can be included in your total ‘net asset’ value
✘ = No it cannot be included in your total ‘net asset’ value
Investments held in your own name |
|
Investments and cash |
|
Cash |
✔ |
Offshore bonds |
✔ |
ISAs |
✔ |
Stocks and shares in quoted companies |
✔ |
Value of investment in Enterprise Investment Schemes (EIS) |
✔ |
Value of investment in Venture Capital Trusts (VCT) |
✔ |
Family Investment Companies (FICs) |
✔ |
Value of investment in Special Purpose Vehicles (SPVs). These must be European registered and ownership of these assets in your own name must be clearly visible |
✔ |
Property |
|
Your Principal Private Residence or any loan secured on that residence |
✘ |
The value of a holiday home in the UK |
✔ |
The value of an overseas holiday home |
✔ |
The value of any Buy-to-Let properties you own |
✔ |
Trusts |
|
Loan Trusts (please note, this must be the value of the Loan, not the overall value of the Trust) |
✔ |
Bare Trusts |
✔ |
Any other Trust that is not a Loan Trust or a Bare Trust |
✘ |
Personal assets and chattels, e.g. |
|
Jewellery/Watches |
✔ |
Classic Cars |
✔ |
Art |
✔ |
Wine |
✘ |
Land/Forestry in sole or joint names |
|
The value of farmland (not including a Principal Private Residence) |
✔ |
The value of forestry |
✔ |
Business-related assets |
|
Deferred cash bonuses (<1 year before pay out and where there are no clawbacks) |
✔ |
Commercial property (not liquid assets) |
✘ |
Shares in non-quoted companies (not liquid assets) |
✘ |
Director loans |
✘ |
Deferred share options (bonus) |
✘ |
Deferred cash bonus (>1 year before pay out) |
✘ |
Special Purpose Vehicles (SPVs) where the ownership structure is opaque. |
✘ |
Carry Trades |
✘ |
Other |
|
Pensions |
✘ |
Insurance products |
✘ |
Benefits received as part of any termination of service including redundancy or benefits/funds received as part of a compromise agreement terminating employment |
✘ |
