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    • chucklles
    • By chucklles 18th May 17, 3:02 PM
    • 3Posts
    • 0Thanks
    chucklles
    Portfolio Management Fee Refund
    • #1
    • 18th May 17, 3:02 PM
    Portfolio Management Fee Refund 18th May 17 at 3:02 PM
    Hi,

    I received a letter from Santander letting me know I was due a refund from a previous investment with them. They were labelling it 'premium investment', and said they owed me a refund in portfolio management fees.

    As I know I have had shares previously and also a loan directly with them, I signed and returned the relevant forms. However as the letter was addressed to me using my middle name instead of my first name, they responded saying I had not signed it correctly from the 'right name'.

    I called up 3 times to the number provided, and was told a 'SME' was looking into the matter, but no one contacted me back. So I called back again and was told that actually they had got it wrong, and that they didn't owe me the money. But they refused to go into detail since I had failed the security check (them having my middle name as my first name).

    So I am left none the wiser, but have logged a complaint for the inconvenience. What is this premium investment, why do Santander have my details if this is invalid and why have they changed their mind on refunding me money for portfolio management fees?!

    Anyone else know or had something similar?
Page 1
    • dunstonh
    • By dunstonh 18th May 17, 3:11 PM
    • 89,593 Posts
    • 56,066 Thanks
    dunstonh
    • #2
    • 18th May 17, 3:11 PM
    • #2
    • 18th May 17, 3:11 PM
    What is this premium investment
    Hold on. Are you saying you were willing to receive redress on something you know you didnt have?

    You would know if you held it as not many people do not know that they hold investments with someone.

    why do Santander have my details if this is invalid and why have they changed their mind on refunding me money for portfolio management fees?!
    Maybe they used a tracing company and didnt realise it wasnt you until the security check was made. Maybe it was two people with similar names.

    If its not your money then you would not be entitled to it. Or maybe when they found the right details they realised it wasnt your money to be refunded or that you had the service that was being paid for.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Moneyineptitude
    • By Moneyineptitude 18th May 17, 4:57 PM
    • 18,739 Posts
    • 9,989 Thanks
    Moneyineptitude
    • #3
    • 18th May 17, 4:57 PM
    • #3
    • 18th May 17, 4:57 PM
    have logged a complaint for the inconvenience.
    Originally posted by chucklles
    I hope you didn't do this in the expectation of monetary reward?

    You've failed security because, clearly, you are not the correct recipient of any redress.

    Your signature won't have matched either, not just your name.

    However, they won't now be able to tell you exactly what happened because of data protection.
    I expect the correct customer has your middle name as his first.

    Accept that mistakes like this do (very very rarely) happen. It does indeed look like an error rather than a "change of mind"

    Regardless, you are not legally entitled to any money that is not yours. They might make a small goodwill gesture to be rid of you.
    • chucklles
    • By chucklles 18th May 17, 6:31 PM
    • 3 Posts
    • 0 Thanks
    chucklles
    • #4
    • 18th May 17, 6:31 PM
    • #4
    • 18th May 17, 6:31 PM
    As I know I have had shares previously and also a loan directly with them, I signed and returned the relevant forms.
    Originally posted by chucklles
    When the original letter came with my details my partner and myself thought it looked like a scam. When the second letter came we checked the phone number and address and believed it without questioning that this kind of mistake happens.

    But making mistakes makes sense, but weird when all your details are staring you in the face.

    The tracing company thing makes sense, but that wasn't explained.

    Merely was hoping for some answers and to highlight as to what has gone on.

    Thank you.
    • Moneyineptitude
    • By Moneyineptitude 18th May 17, 7:26 PM
    • 18,739 Posts
    • 9,989 Thanks
    Moneyineptitude
    • #5
    • 18th May 17, 7:26 PM
    • #5
    • 18th May 17, 7:26 PM
    The tracing company thing makes sense, but that wasn't explained.
    Originally posted by chucklles
    Nor will it ever be explained to you, since you are not the correct recipient.

    Signing on the dotted line for "free money" might be understandable, but that does not make it right. Why did you not query the "refund" rather than blindly accepting it? You say you suspected it was a scam and still went for it?

    This is a text book example of why and how people do fall for scams...
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