? mis-sold fscs santander structured account

dragonboyrm

2 years ago i had a cash isa with satander. they advised me to put half into an investment isa guarenteed capitol plus 5 1/2 year account, which i did. i was told that santander isa managers ltd are a seperate entity from sandander uk and if they went bust i would be guarenteed upto £50,000(then) under both accounts. i now read that this account is not protected under FSCS protection. is this mis-selling? what should i do? can i get all my money back? at the moment, it's now less than the amount i put in.

withabix

dragonboyrm wrote: »

at the moment, it's now less than the amount i put in.

So is this your real issue?

It would appear that you are guaranteed to get your original investment back plus 0.5% minimum AT MATURITY, even if the FTSE drops:

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&cid=1210610675557&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateB2#1210611229911

You are seeing a lower value at the moment because you are seeing a LIVE value.

Ask for a maturity value. They will tell you that at year 5 1/2 you will get at least your original investment back plus 0.5%.

You will undubtedly get less back at year 2, because the FTSE has fallen.

You will have signed bits of paper or e-forms on which you ticked a box saying you accepted the T&Cs.


The investment IS NOT FSCS protected. If you claim you were told it is, you will need to find something in writing that states this.

dunstonh

it's now less than the amount i put in.

You said that it is a structured product. So, does it matter what the value is in the interim period? The protection is provided at maturity. THat is the still the case. What it does in the interim is irrelevant in most cases (unless the terms are one that require it to track in the interim).

i now read that this account is not protected under FSCS protection. is this mis-selling?

Santander's documentation on structured products has turned out to be wrong. However, it only becomes an issue if Santander go under.

what should i do? can i get all my money back?

Why do you want to do anything? It hasnt lost money and Santander are solvent. You can complain if you wish and as Santander did give the wrong info, the complaint would be upheld. However, is that going to achieve anything for you?