Investec Bank/High 5/Who and Where Exactly are They?

ghostly · 27 February 2009 at 9:08PM

If you go to this page (http://www.investec.com/unitedkingdom/privatebank/BankingandTreasuryServices/High5.htm) it gives the details for their High 5 account.

If you move your mouse over "Business Units | Private Bank" (top right of that page) it shows you six countries.

Can someone please explain to me what links the High 5 account to the UK version of their "private bank"?

I'm trying to find out how (legally) my money would be covered under the FSCS were the bank to fail. Because, given the six countries that the bank spans, would it not be very easy for them (for whatever reason) to say you invested in "Investec South Africa" (for example), thereby making it impossible for the FSCS to come into effect?

This FSA page (http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=77605) lists an entry for "Investec Bank PLC", whereas if you look it up here (http://www.howsafeisyourmoney.co.uk/quickcheck/) it is listed as "Investec Bank (UK) Limited". Then again, if you search on the FSA site here (http://www.fsa.gov.uk/register/firmSearchForm.do) for a "Firm Name" of "Investec" you get 26 matches, many with almost identical names and using the same registered address!

I guess what I find most worrying is that feeling you get that there is a huge web of companies that is able to shift your money here there and everywhere such that not even the best financial regulatory thingamy could ever find it...

So, to repeat, can someone please explain to me what links the High 5 account to the UK version of their "private bank"?

456789 · 27 February 2009 at 9:40PM

http://www.investechigh5.co.uk/ says

Investec Bank plc is a member of the Financial Services Compensation Scheme (FSCS). The FSCS protects deposits with the bank up to a total of £50,000 per depositor. Details of the Scheme are available on request.

withnell · 27 February 2009 at 9:48PM

They just operate in more than one country (like most banks). The link you posted has "united kingdom" in it, which is also a good indicator

ghostly · 27 February 2009 at 10:03PM

It also says "Investec Private Bank is a division of Investec Bank plc". (I notice it doesn't say "Investec Bank (UK) Limited is a division of Investec Bank plc").

Regardless, it doesn't link the High 5 account to any of these.

What I'm getting at is the fact that the High 5 account (from what I can see) could be an account held by Investec Switzerland (or wherever). Stating that Investec Bank plc is a member of the FSCS is meaningless if the subsidiary bank that holds the funds is overseas somewhere:

Investec Switzerland <-- member of FSCS?
^
subsidiary?
^
Investec Bank plc <-- member of FSCS
v
subsidiary?
v
Investec UK <-- member of FSCS?

Nothing on those pages links the High 5 account to a UK bank that is a member of the FSCS.

If they wrote "Barclays is a member of the FSCS" on that page it would be true enough would it not? What I want is something like "the High 5 account is held by Investec Bank UK, and Investec Bank UK is a member of the FSCS".

ghostly · 27 February 2009 at 10:05PM

withnell wrote: »

They just operate in more than one country (like most banks). The link you posted has "united kingdom" in it, which is also a good indicator

Granted, but money deposited in NatWest International is not covered by the FSCS, and that fits the above criteria.

withnell · 28 February 2009 at 12:03AM

ghostly wrote: »

Granted, but money deposited in NatWest International is not covered by the FSCS, and that fits the above criteria.

I don't see any reference to united kingdom in the url?

agsnu · 28 February 2009 at 12:24AM

ghostly wrote: »

It also says "Investec Private Bank is a division of Investec Bank plc". (I notice it doesn't say "Investec Bank (UK) Limited is a division of Investec Bank plc").

Regardless, it doesn't link the High 5 account to any of these.

There's being cautious, and then there's being ridiculous.

They are operating in the UK. The application form is sent to a UK address. To take deposits in the UK, you need to be authorised by the FSA.

High5 deposits are operated by Investec Private Bank. Investec Private Bank is a division of Investec Bank plc. Investec Bank plc is FSA regulated and authorised, and deposits are covered by the FSCS.

There is nothing further to discuss.

agsnu · 28 February 2009 at 12:27AM

ghostly wrote: »

Granted, but money deposited in NatWest International is not covered by the FSCS, and that fits the above criteria.

No. NatWest International is a trading style of The Royal Bank of Scotland International, which is a Jersey corporation - and it's made clear that your deposits are offshore. Unlike Investec plc, which is a UK company.

G_M · 28 February 2009 at 12:48AM

Investec Private Bank is a division of Investec Bank PLC (Registered in England Number 489604) Registered Office
blah blah, London ECblah
Authorised and regulated by the FSA

end of

Investec Bank/High 5/Who and Where Exactly are They?

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free