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Advice please on Santander taking over A&L
lioness27
Posts: 11 Forumite
Hi , I have been dealing with my auntys finances as she didnt want to go in there on her own.
Last year I went to the alliance and leicester with her and saw an advisor.
We accepted what she advised. i wanted her money to be safe incase the bank collapses and she loses her money.
We accepted what she recommended as she said it would be safe. it was to put money into a Santender investment isa and a direct share investment , which is locked away for 5 years.
Also to keep her cash isa with the alliance and leicester.
But with Santender taking over a&l it seems her money may not be safe as it will now be classed as 1 company.
Can anyone recommend what to do now so her money will be safe? Maybe move to somewhere else, if so where is the best place to go and will she lose any money that was invested?
Thank you..x
Last year I went to the alliance and leicester with her and saw an advisor.
We accepted what she advised. i wanted her money to be safe incase the bank collapses and she loses her money.
We accepted what she recommended as she said it would be safe. it was to put money into a Santender investment isa and a direct share investment , which is locked away for 5 years.
Also to keep her cash isa with the alliance and leicester.
But with Santender taking over a&l it seems her money may not be safe as it will now be classed as 1 company.
Can anyone recommend what to do now so her money will be safe? Maybe move to somewhere else, if so where is the best place to go and will she lose any money that was invested?
Thank you..x
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Comments
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I presume that you could transfer ( NOT CLOSE OR YOU LOSE IT FOREVER ) the ISA to another firm & spread the risk.
N.Never be afraid to take a profit.
Keep breathing. :eek:
Just because I am surrounded by FOOLS does not make me wise. :j0 -
You've presumably read this?
http://www.moneysavingexpert.com/news/banking/2010/04/santander-and-al-offer-switching-amnesty-to-cash-rich-saversStompa0 -
I have not looked at the investments you mention but generally the £50k FSCS compensation limit only applies to savings anyway. Investments rules are more tricky when it comes to compensation but depending on the type may not even be affected if the bank were to go belly up.0
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Does she have more than £100k with Santander? (i.e. 50k on investments and 50k on cash?)Maybe move to somewhere else, if so where is the best place to go and will she lose any money that was invested?
The awful product she would have bought with Santander would suffer penalties in encashed early.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
it is the santander guarenteed capital plus which concerns me the most. she recommended it and it seemed good , but i dont know much about money. so now im not sure it was a good decision, especially as they are going to be one company.0
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Does she have more than £100k with Santander? (i.e. 50k on investments and 50k on cash?)
QUOTE]
This needs a answer
if its less than 100k then although a trashy product by a trashy company in the very unlikly event that santander go t1ts up your aunties loot will be safe:cool: hard as nails on the internet . wimp in the real world :cool:0 -
Sorry to be blunt, Lioness27, but if you "don't know much about money", why did you let yourself get placed in a position where you are "dealing with my auntys finances"?
I must assume it was because you wanted to help her out and there was no-one else.
As is normally said on these threads, the bank's "advisor" is there to sell the bank's products. But they have a duty not to sell you something that you didn't want and/or is basically cr*p ("an awful product").
My understanding is that there is some form that is filled in at the time (having never gone this route, I am simply speaking from generally-remembered threads on here). If such a thing does exist, and it indicates that you were looking for a completely safe, risk-free place for savings, as your first post suggests, then clearly it is doubtful that a "share investment" product is appropriate. If the form indicates that you were prepared to accept risk, then you might want to question its veracity. If such a form doesn't exist, then I will go and hide in a corner.0 -
the reason why i went with her to help her with her finances was because there was no one else she trusts to keep the info confidential , she doesnt want anyone to know about her finances. she is a very private person.
no its not more than 100k.
it is 40 between santander investment direct share and isa ,and 30 cash with a&l.
i have ben looking through the paperwork today and found a form/letter which stated we were looking for a place which would be safe and she 'was cautious' towards dealing with the stock market.
thank you for all your advice , i do apreciate it.0 -
no its not more than 100k.
it is 40 between santander investment direct share and isa ,and 30 cash with a&l.
In which case she is not exceeding the FSCS limits.i have ben looking through the paperwork today and found a form/letter which stated we were looking for a place which would be safe and she 'was cautious' towards dealing with the stock market.
The structured product fits that. Santander structured products are naff.she doesnt want anyone to know about her finances. she is a very private person.
She didnt mind the Abbey sales rep knowing her detailsI am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
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