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MSE News: Re-Give to return savers' cash after FSA pressure

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MSE News: Re-Give to return savers' cash after FSA pressure

edited 30 November -1 at 1:00AM in Savings & Investments
14 replies 2.5K views
MSE_GuyMSE_Guy MSE Staff
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edited 30 November -1 at 1:00AM in Savings & Investments
"A controversial 'savings' provider will return thousands of pounds after concerns were raised about the safety of depositors' cash. ..."
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  • ctdctdctdctd Forumite
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    Good result - I suspect some of the "100 - 200" applicants would be those who could least afford to risk their savings.
    Do Money Saving sites make you buy more bargains - and spend more money?
  • ReaperReaper Forumite
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    Re-Give is also marketing a 6% two-year fixed rate bond, but is only taking registrations at the moment, not actual cash.

    But this time it doesn't call it a savings account.
    It doesn't but it still gives the impression of being a savings account on the web page.

    The set up sounds more like subordinated debt to me, but somehow I don't think the 200 people who gave them money last time round realised they were investing in that, nor wanted to!
  • jamesdjamesd Forumite
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    I have to admire their persistence in trying to lose their FSA registration:

    "Latest News
    * We've closed our previous 1 Year Bond because we have reached our application target.
    * We are replacing it with a new 2 year bond paying 6% AER - the launch date will be announced soon."

    Describing the first one as having reached its target and hence implying success and popularity does not appear to match very well with them being told by the FSA to refund all of the money.

    Glad that they and the FSA have worked together to assist anyone who was misled by the original promotion.
  • ReaperReaper Forumite
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    jamesd wrote: »
    * We've closed our previous 1 Year Bond because we have reached our application target.
    :rotfl:
    I hadn't seen that. Presumably if challenged they would tell you their application target had dropped to 0!

    How can you possibly trust a company that comes out with stuff like this?
  • jamesdjamesd Forumite
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    Trust is difficult but best not to assume that they are evil just because they are doing these things badly. If the money is used as described it could well be a very worthwhile use for it.
  • I am one of the 100 - 200 investors supposedly having money returned. so as a warning to others, the initial refund due at PayPal today has not been authorised. I also have a larger deposit for which I have heard nothing.

    By phone office is supposedly closed.

    Have any other investors had this trouble yet?

    Realise I might be a naif investor but any help appreciated
  • Seems to me that the issue here is that people who've invested for a return of 5% from 1 year investment are now getting a return of 0% for a few months investment -- even those who were and still are happy to take on the original risk.

    ReGive are probably laughing all the way to the credit union over this. No wonder they're offering 6% now.

    If the FSA were doing this as a matter of ethics, rather than an exercise in regulatory control, they would offer investors the choice of a refund.
  • I am one of the 100 - 200 investors supposedly having money returned. so as a warning to others, the initial refund due at PayPal today has not been authorised. I also have a larger deposit for which I have heard nothing.

    By phone office is supposedly closed.

    Have any other investors had this trouble yet?

    Realise I might be a naif investor but any help appreciated

    Hi there,

    Have you had any luck now getting the money back. Please let us know as we want to keep following it up.

    Dan
    MSE Web Editor, mainly responsible for looking after, and keeping up-to-date, ‘hard-core’ financial articles such as credit cards, savings and loans.

    If you spot a rate change that we haven't already mentioned or added into articles or tips, Please send me a PM about it




    Don't miss urgent MoneySaving, hear first by getting Martin's Money Tips Free E-mail at www.moneysavingexpert.com/tips
  • alanqalanq Forumite
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    According to the May 2013 edition of Which? Money
    "Re-Give didn't have enough funds to repay all investors and the regulator has stopped it disposing of any of its assets."

    It advises that Re-Give customers contact "the FSA" (shouldn't that now be the FCA?) on 0845 606 1234.
  • ReaperReaper Forumite
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    So much for Re-give's original statement "your investment is not at risk".
This discussion has been closed.

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