why is it so hard

dboswell

for savers to check the credit rating of UK banks and building societies.

Surely such information should be prominently displayed on say the FSA or readily available.

Any suggestions? I am looking for a full list of institutions i.e. at least 100.

purch

Did these savers who need to check the credit rating even realise that there were such things as Credit rating agencies before the current credit crisis, and do these savers even understand what the various ratings and tiers mean ??

If they did, and they do, then they will know where to go to find this information easily, as it is 'readily available'.

If they didn't, and they don't, then probably it's something they should leave well alone, because they in all probability won't understand what it means anyway.

BTW the credit rating given to each individual institution is nothing to do with the FSA, and therefore something the FSA should not get involved with. The credit rating agencies are businesses in their own right, and therefore it would not be prudent for the FSA to promote them.

P.S. As for where you can find this information:
Clue.....why not try the credit rating agency themselves.

dboswell

purch wrote: »

Did these savers who need to check the credit rating even realise that there were such things as Credit rating agencies before the current credit crisis, and do these savers even understand what the various ratings and tiers mean ??

If they did, and they do, then they will know where to go to find this information easily, as it is 'readily available'.

If they didn't, and they don't, then probably it's something they should leave well alone, because they in all probability won't understand what it means anyway.

BTW the credit rating given to each individual institution is nothing to do with the FSA, and therefore something the FSA should not get involved with. The credit rating agencies are businesses in their own right, and therefore it would not be prudent for the FSA to promote them.

P.S. As for where you can find this information:
Clue.....why not try the credit rating agency themselves.

patronising rant.

maybe people didnt feel the need to check pre 2007 as bank failures on this scale were outside living memory. So are you saying its not prudent to now check?

get off your high horse and give a constuctive answer or get off the stage.

fyi, there have been various sources that have published abridged details (or should they not do that?) and there have been various articles in the press on downgrades this year (or does that constitute promoting?)

an FSA objective is the provision of information to retail customers. publication of the various ratings would help that aim without undue promotion for as crooked as it may be to you, there is no other real help for the UK saver!

Let me give you an example Purch. I can easily find the rating of say the Halifax from various sources, but I cannot find Kent Reliance BS and that is the WHOLE gist of the initial post.

moonrakerz

dboswell wrote: »

get off your high horse and give a constuctive answer or get off the stage.

....people who live in glass houses......................

bendix

dboswell wrote: »

Let me give you an example Purch. I can easily find the rating of say the Halifax from various sources, but I cannot find Kent Reliance BS and that is the WHOLE gist of the initial post.

Hasnt purch already answered your question. If you want to know the credit ratings given by the rating agencies, why not . . . ummm . . . contact the credit agencies themselves?

It's not rocket science, is it?

Be mindful though that such ratings agencies completely failed to predict any issues with the fallen banks before they fell, so what use they are I dont know. But, hey, you seem to think it's important so fill your boots.

purch

get off your high horse and give a constuctive answer or get off the stage

As I pointed out in my post, you can go to the websites of the 3 rating agencies, and find all the information you will need.

The basic rating information is free, and readily available to anyone who needs to use it.

Kent Reliance is rated by all 3.

dboswell

bendix wrote: »

Hasnt purch already answered your question. If you want to know the credit ratings given by the rating agencies, why not . . . ummm . . . contact the credit agencies themselves?

It's not rocket science, is it?

Be mindful though that such ratings agencies completely failed to predict any issues with the fallen banks before they fell, so what use they are I dont know. But, hey, you seem to think it's important so fill your boots.

no its not rocket science, but if you need to travel 5000 miles would you walk or use another mode of transport?

no doubt you could do that visting each site, but the point is, there is a significant number of institutions so a quick reference point would be useful NOT just for me but many others.

as poor as they may have been in the past there are no other checks the UK saver can do is there? the key is many organisation still use them when accessing institutions so why shouldn't savers use the same basis?

dboswell

moonrakerz wrote: »

....people who live in glass houses......................

fantastic and constructive post. how many of your 5000 are as informative?

moonrakerz

dboswell wrote: »

fantastic and constructive post. how many of your 5000 are as informative?

A lot more than yours.............

http://forums.moneysavingexpert.com/showthread.html?p=24869691&highlight=#post24869691

theGrinch

For a time the FSA carried ratings earlier this year. I seem to recall it was mentioned on Moneybox/Radio 4 around Easter. Maybe thats why you referred to the FSA.

The three main ratings agencies require you to register. To be honest searching them is a very time consuming business and not all extend to the minor Building Societies.

withnell

dboswell wrote: »

there is a significant number of institutions so a quick reference point would be useful NOT just for me but many others.

Then chose one, and go and look at it.....

Credit ratings are made by private companies, which chose to allow limited information for free. You have no "right" to the information.

The credit rating doesn't really apply for a domestic saver, who is protected by rafts of legislation - they're designed for companies to assess the risk of lending (which isn't covered by the FSCS)