Re-Give - views & recommendations?

Linwight

Official MoneySavingExpert.com update:

There is now a news story about this Re-Give savings account on the main website. please see here: http://www.moneysavingexpert.com/news/banking/2012/07/savings-provider-re-give-not-protected-by-any-compensation-scheme

Now back to the original post...

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Re-Give are offering a 1 year bond at 5%. It's an FSA registered mutual but FOS does not apply.

Can anyone recommend re-give or provide an assessment of risk?

Thanks

ctdctd

Registered with the FSA Mutuals Public register on 21/12/11

https://mutuals.fsa.gov.uk/Default.aspx

From the Re-Give website

"The UK Financial Services Compensation Scheme (FSCS) does not apply to this bond"

Buyer beware are my first thoughts

Edit - also their registered address at CM1 7RD appears to be someones house.
Google the phone number and it appears to be a charity "Redaid" that was removed on 14th December 2011
http://www.charity-commission.gov.uk/Showcharity/RegisterOfCharities/RemovedCharityMain.aspx?RegisteredCharityNumber=1108615&SubsidiaryNumber=0

Run, run away!

Linwight

Thank you so much for that. I'm amazed that money.co.uk haven't done the same research you have!

ctdctd

Just a few comments for the sake of discussion.

However, the fact that we are not under the FSCS does not mean that investments are at risk.

Yes it does - if you are unable to pay, the investor loses their cash

The AER that we are offering is easily achieved and paid to the investors on time.

How can you say that when you have only been trading since December. If it was that easy, everyone would offer 5%.

The charity you referred to was not ‘removed’ from the Charity Commission register in the manner you are implying. The charity itself de-registered because it came to the end of its project life and asked the Charity Commission to remove it from the register.

Why is your charity site still online at redaid.zzl.org?

Your site looks very slick - lots of words but no real detail.

I stand by my comment of Buyer Beware and would not risk my hard earned cash. Other can make their own decisions!

ctdctd

Put any information you want here - then it's in the public domain.

I note your eBay redAid charity account has a total of seven feedback so looks much more like a personal one than a significant charity.

http://feedback.ebay.co.uk/ws/eBayISAPI.dll?ViewFeedback2&userid=redaid_international_charity&ftab=AllFeedback

I also note your profile with easyfundraising.org.uk, which is promoted on your charity front page, shows you have raised £1.28

http://www.easyfundraising.org.uk/causes/redaid/

There is noting there to suggest you are a major fundraiser or a suitable organisation to attract retail deposits from the general public.

grey_gym_sock

i dont' know what "re-give" is about, but the treacly marketing patter would be enough to put me off.

playing down the significance of FSCS protection is misleading. depositing money with any small organization without FSCS protection has to considered higher risk.

ctdctd

OK, so you say you are now a Mutual and a UK Limited company and are trying to get cash deposits from the general public.

Where are your list of directors and your accounts published so that a potential investor can verify you are a stable and secure organisation?

Edit - Ah - looks like posts by the company have been deleted so this won't make a lot of sense now!

srcandas

ctdctd wrote: »

Edit - Ah - looks like posts by the company have been deleted so this won't make a lot of sense now!

Does to me ctdctd . But I guess the deletion says it all. Well done :beer:

ffacoffipawb

ctdctd wrote: »

Edit - Ah - looks like posts by the company have been deleted so this won't make a lot of sense now!

It didn't make a lot of sense before either!

soulsaver

I note these are doing the rounds on Money.co.uk and on Arrow1066 - I'm surprised more isnt being done to bring them into question, or into the clear.

Or indeed on here? :money:
What's the story Martin? Are they kosher? Or scam????

Their address googled & street viewed is just an ordinary 1980's house.. but they are reputedly licensed by the FSA to take deposits?
I thought you needed millions (or even 10s of millions) in reserves to take deposits in the UK?

alanq

soulsaver wrote: »

I thought you needed millions (or even 10s of millions) in reserves to take deposits in the UK?

Watching Channel 4's Bank Of Dave it was said that £10million would be required for a banking licence (that sum was increased later in the programme). However, there are other forms of financial institutions that do not have that requirement.