Passport Scheme - Banks to Avoid - Includes ING

nachovx

They are protecting more, but any claim would be between you and ING in the Netherlands. Remember that ING Direct is only a UK subsidiary of ING, it's not the real bank you see on Dutch high streets - and who knows whether they could be cut-off and eliminated from the compensation scheme by some dodgy Dutch law being invoked. We don't know the ins and outs of Dutch law, so it would take a disaster to find out what happens.

MKUX3

i have been looking at my bank of cyprus certificates and on the back of them it says covered by UK financial compensation scheme.

does this mean this should be a safe enough bond to have - 17 K in there.

mswannabe_2

cwcw wrote: »

Sorry! Wish I hadn't bothered now. This is a list from the official FSCS website! I just wanted people to be aware of which banks fall into basically the same category as Icesave so that they don't make the same mistake that me, and 299,999 others made.

Hi, thanks so much for bothering. You've highlighted all banks who are part of so called passport scheme which for me doesn't seem to offer the same protection as UK regulated or owned banks. As a KE customer reluctantly soon to be ING, I will be moving my money elsewhere as do not trust this passport scheme at all, especially if it means asking for compensation from a foreign government. Food for thought, if all goes to crap again, who's interests will this bank put first! Those of it's own nationality or UK citizens:cool:. Thanks again for the info

MrsMillar

I agree. Everything seemed to say that the passport scheme was in effect no different to the normal compensation scheme (just the sources of the compensation were different). But it seems that if one of the guarantors can basically say "we don't guarantee anymore" it's not worth the paper it's written on. Having been stung by the Icesave fiasco, I would avoid any bank in the passport scheme in future.

Tony_Webster

Is the situation with ING slightly different in so far as the Netherlands are a full member of the EU, unlike Iceland, and therefore less likely to renege on their obligations ?

That said, I was with ING before, and while I'm not ecstatic about being back with them, it's preferable to having to reclaim money from the FSCS. I do however regard the move to being covered by a passport scheme an uncomfortable change for KE customers.

zzzLazyDaisy

Can anyone tell me if Santander banks (abbey, A&L, Cahoot) are fully fscs, or would savers be looking to a Spanish compensation scheme?

Thanks

Joe65_2

I'm sure Alastair didn't have time to head all the accumulated wisdom on here, about the relative merits of Passport scheme vs. full FSCS, when shopping around for somewhere to stash all our cash, out of reach of these Nordics.

If we're not happy with the choice, he's bought us some time to move it back to NS&Is.

Babycakes

The passport scheme needs to be shut down now and replaced with full FSCS protection. No protection - no right to set up a bank in the UK.

Sod off Iceland - we dont want your sort here. Thieving baskets

nilrem_2

Tony_Webster wrote: »

Is the situation with ING slightly different in so far as the Netherlands are a full member of the EU, unlike Iceland, and therefore less likely to renege on their obligations ?

I would heartily agree with that and the Netherlands is a much different place financially to Icesave, however as someone who has a small amount left in ING (I moved it to Icesave sometime ago:eek:) I would be very dubious in trusting any bank with this so-called passport scheme again.

Although I feel that ING is very unlikely to cause a problem I feel that after the Icesave fiasco a lot of savers will be inclined to avoid any bank with passport protection.

I have certainly learnt a lesson with Icesave, I trusted them right up until Tuesday morning, what a damn fool I was!

nilrem_2

Babycakes wrote: »

The passport scheme needs to be shut down now and replaced with full FSCS protection. No protection - no right to set up a bank in the UK.

I would agree with that! :T