Tell Me About ING Direct

powerwin

Hi All

What do people think of ING Direct?

What nationality is this company, is it Dutch?

Is it fully UK regulated by the FSA?

Thanks

moesasji

I've used ING Direct in the past until the bonus-rates on savings expired. Well organized and no problems at all. Answers to your questions:

1) Indeed ING is a Dutch company....although that means very little nowadays.

2) As far as I know ING is protected by the Dutch Equivalent of the savings-protection, which used to be better than the UK one. More details you can find here: http://www.moneysavingexpert.com/savings/safe-savings (link in the 2nd box)

powerwin

Can anyone provide further clarification on the regulatory situation for ING Direct?

Thanks

opinions4u

To operate in the UK they have to be regulated by the FSA. While the FSA may not regulate their worldwide activities, they certainly cover their UK presence.

Their web site states:

"Authorised and regulated by De Nederlandsche Bank (the Dutch Central Bank) and subject to limited regulation by the Financial Services Authority. Details on the extent of our regulation by the Financial Services Authority are available from us on request. "

You can also refer complaints to the FOS.

http://www.ingdirect.co.uk/home/complaints.asp

moesasji

opinions4u wrote: »

To operate in the UK they have to be regulated by the FSA. While the FSA may not regulate their worldwide activities, they certainly cover their UK presence.

The key-word in this is the use of limited regulation. As the information in my previous link states. ING Direct operates under the passport scheme, which effectively means that clients from ING Direct would need to request compensation from the Dutch government instead of the UK in case they went bust.

I would read the following info: http://www.moneysavingexpert.com/savings/safe-savings#foreign which explains it in a bit more detail

opinions4u

moesasji wrote: »

The key-word in this is the use of limited regulation. As the information in my previous link states. ING Direct operates under the passport scheme, which effectively means that clients from ING Direct would need to request compensation from the Dutch government instead of the UK in case they went bust.

I would read the following info: http://www.moneysavingexpert.com/savings/safe-savings#foreign which explains it in a bit more detail

This is the mortgages forum. Why are you referring to savings protection?

To sell mortgages in the UK they have FSA authorisation.

You appear to be mixing up regulation and insolvency protection.

GMS

It maybe a very simplistic view but if they had my savings money I may have reservations. If I had their money (mortgage advance) then why should I worry. If the terms and conditions of the mortgage are adhered to then there can be no issue