NS&I, a word of caution about National Savings and Investments (NSandI)

Jonbvn

I think my signature says it all.

dunstonh

But ultimately these are direct products so they wouldn't actually have liability in the legal sense.

We do. The liability is on the advice given. Not the product. The "product" you are buying from an IFA is advice. The setting up of the actual savings/investments is a secondary transaction.

IFAs are the largest introducers of NS&I products. There is even an IFA site run by NS&I to cater for IFAs and NS&I write to IFAs every time there is a rate or product change.

The reason terms and conditions exist is that people complain or take legal action. So, the provider puts the info in the terms and conditions to protect themselves from that as well as providing information. Over time, people complain or take action against things that aren't in there and the T&C gets longer and longer. People then complain its too long. So, they cant really win either way.

The NS&I T&C are actually quite simple as they put the different areas under sub headings. So you can speed read the bits that you think are important to you.

Etccarmageddon

I like these products where you get a 'summary box' - are credit cards still doing that? it would be useful if NSI had a summary section with all they key points - interest rate, what happens at maturity etc.

dunstonh

it would be useful if NSI had a summary section with all they key points - interest rate, what happens at maturity etc.

They do have a summary box on the key facts. NS&I dont have a Growth bond in issue right now so have pulled the hot it works section but take a look at the index linked certs for the normal info you get:
http://www.nsandi.com/products/ilsc/howitworks.jsp

Guys_Dad

RayWolfe wrote: »

I'm with lisyloo. People must take responsibility. Always read before signing; always understand before accepting. We are not children even though the world seems to embrace infantilism as being the way forward!

You are, of course, absolutely right as are those who have written saying the same thing.

However, with the banking scares over the last 18 months and being fortunate enough to have to spread my savings over a number of institutions, the exact content of the various t&c are not always to the forefront of my mind - along with the various t&c for my mobile phone service, gas, electricity and car insurance. I know where they are, of course, and can refer to them when necessary.

However, it does no harm and a lot of good when someone who has fallen foul of missing important t&c points takes the time to warn other forum members and it would have been more charitable if the initial posts were inclined to thanking the OP for the reminder rather than rebuking them for not having the t&c as essential reading when they went on their Christmas break, however accurate the comment is. Clearly the NS&I sent out the reminder over the busiest time of the year for mail not taking into account that many people go away for long breaks at that time.