Kaupthing Singer & Friedlander - Investments?

lowis

I have just spoken to my elderly parents and it transpires that around £65k was/is in the hands of KSF's investments department, in low risk bonds.

I checked the KSF website and they are saying they are in administration but it is 'business as usual'. I also saw some notices relating to their Edge Retail products being transferred to ING and that non-Edge product holders would be reimbursed through the FSA. I assume investments are non-Edge Retail products?

My parents and I are confused as to where they stand with their investment money, is it going to ING? Is it safe staying with KSF even though they are in administration? Will my parents need to make a claim with the FSA? They have tried calling but can not get through to speak to anyone.

I have read loads about people's savings being guaranteed or moved to ING but does anyone have any idea of how investments are being treated? Or do investments get treated the same as savings deposit accounts?

I am concerned for my parents as this investment basically generates just enough income to supplement their pensions and make life a little more liveable for them.

Thanks very much for any pointers.

Baldur

lowis wrote: »

I have read loads about people's savings being guaranteed or moved to ING but does anyone have any idea of how investments are being treated? Or do investments get treated the same as savings deposit accounts?

The FSCS covers compensation for both deposits and investments, but they fall under different categories of the scheme.

If I were in your parents' position, my first point of enquiry would be with the FSCS helpline on 020 7892 7300.

lowis

Thank you so much Baldur, I will send them the number to call.

lowis

UPDATE: my father spoke to someone at Kaupthing Singer & Friedlander Investments and it seems they are carrying on as normal and they will continue to receive their monthly income and statements.

I hope their investment is safe...how can it be safe if Kaupthing Singer & Friedlander are in administration?

Baldur

lowis wrote: »

I hope their investment is safe...how can it be safe if Kaupthing Singer & Friedlander are in administration?

Presumably their investment is not directly in KS&F itself (i.e. they don't have shares in the company) but was managed/brokered by KS&F? I'm sure that an investment-savvy poster will be able to advise you more or, as previously suggested, have a word with the FSCS - who should be able to give you more information.

lowis

thanks, their investment was managed by KSF, as opposed to being invested in them...thank goodness (I hope!)