RBS Autopilot Bond

BillJones

sheen wrote: »

My RBS Autopilot Issue 10 went down like a lead ballon. It seems that the other issues are no better.

I have presented a complaint to the FCA.

Leaving aside the silly mistake of complaining to the wrong place, what exactly is the nature of your complaint?

PeacefulWaters

sheen wrote: »

My RBS Autopilot Issue 10 went down like a lead ballon. It seems that the other issues are no better.

I have presented a complaint to the FCA.

What does issue 10 promise? I can only see an international version.

http://markets.rbs.com/EN/Showpage.aspx?pageID=1372

From what I can make out you get your money back as a minimum, but only if you hold until maturity.

Beyond that, it is a high risk investment over a relatively short timescale, split equally between gold, property, developing markets and developed markets.

Get out early and expect to be burned.

sheen

dunstonh wrote: »

The FCA do not handle consumer complaints. They will just send it to RBS. RBS will then send it to whoever sold it. If it was advised then the adviser will address the complaint. If it was non-advised then your complaint will be rejected.

Investment returns themselves are not something you can complain about. So, you need to be clear on what your complaint is actually about.

RBS have released 21 issues of the Autopilot. The first one was released a few months after there shares reached a minimum. As far as I can see, every issue has had very bad performance.
There is a link to the RBS Autopilot performance on the web (removed from this text).
The link shows the perfomance of these issues. RBS will not release graphs showing performance. They do show simulated and excellent performance graphs.

My complaint to the FCA was on the basis that the bank continues to issue these products knowing that they do not perform. If they were a car maker they would stop doing this and recall the product. It is my opinion that they do not function as investments with any realistic chance of success;
they are more than a terrible investment!



In the FCA hand book, section COBS 2.1 states a firm must act honestly, fairly and professionally in accordance with the best interests of its client. How badly has RBS failed this rule? It is clear that the best interests of its clients would be to avoid the Autopilot issues like the plague!

Actual performance graphs would enable investors to see what the Autopilot was doing.


RBS sold the product to me. I was uncertain who to raise this matter with, so I started with the FCA. I wonder if trading standards would consider it?

sheen

PeacefulWaters wrote: »

What does issue 10 promise? I can only see an international version.


From what I can make out you get your money back as a minimum, but only if you hold until maturity.

Beyond that, it is a high risk investment over a relatively short timescale, split equally between gold, property, developing markets and developed markets.

Get out early and expect to be burned.

I did get out. I could send a link to you for its performance page but this site will not allow me to add a link.

Try this, remove the 3 gaps below and replace with a /

markets rbs.com EN Showpage.aspx?pageID=1135

And put http colon slash slash in front

PeacefulWaters

sheen wrote: »

I did get out.

And because you got out early you got burned.

My complaint to the FCA was on the basis that the bank continues to issue these products knowing that they do not perform

The underlying investments are high risk. That doesn't mean they can't go up in value in future.

dunstonh

RBS sold the product to me. I was uncertain who to raise this matter with, so I started with the FCA. I wonder if trading standards would consider it?

The FCA will forward it to RBS. Trading standards wont be interested. RBS is who you should complain to. However, investment returns are not something you can complain about.

BillJones

sheen wrote: »

My complaint to the FCA was on the basis that the bank continues to issue these products knowing that they do not perform. If they were a car maker they would stop doing this and recall the product./QUOTE]

That is a ridiculous complaint,mans a ridiculous analogy. The product is linked to an index, and you (not the bank) were gambling that it would go up significantly.

It is not the bank's fault that it did not, and it's crazy that you expect to get the payout if it does rally strongly, and be compensated if it underperforms.