Dot ComUnity Credit Union - ISA

colsten

gwapenut wrote: »

If you're desperate to use up your allowance, might be safer to put it into an ultra low risk stocks and shares ISA. You can hold that alongside your cash ISA.

Agreed, this seems the only safe thing to do under the circumstances. Otherwise your money might just vapourize.

gwapenut

I wonder if the ISA workaround suggestion should be run by the PRA, just to make sure they are happy that new money is being solicited?

I think I'd want them, rather than DCU, to confirm whether the money is protected. There is too much at stake to entrust money blindly into a grey area of the banking regulations.

<edit> Doh! Of course, it's too late for that now, this tax year

FOREVER21

gwapenut wrote: »

I wonder if the ISA workaround suggestion should be run by the PRA, just to make sure they are happy that new money is being solicited?

I think I'd want them, rather than DCU, to confirm whether the money is protected. There is too much at stake to entrust money blindly into a grey area of the banking regulations.

<edit> Doh! Of course, it's too late for that now, this tax year

Doubt if you would get anything from PRA ,I contacted them asking their understanding of the present situation regarding the lifting of restrictions.

Their response was that restrictions were still in place but due to the Data Protection Act they could not give any further information and advised me to contact Dotcom.

When I said Dot com were not saying much they said I could complain to the FCA.

Also although it does not affect me personally, as I am not giving them any more money, I wonder if Mr Grimsdale statement about topping up ISAs has been sent to every member.If not and restrictions are lifted there are likely to be some disgruntled people who miss out.

masonic

gwapenut wrote: »

If you're desperate to use up your allowance, might be safer to put it into an ultra low risk stocks and shares ISA. You can hold that alongside your cash ISA.

Cash park in a S&S ISA would be fine - there wouldn't be any need to invest in anything. There will be a few places you can open one and fund it over the Easter weekend. Watch out for exit fees though, some S&S ISA providers will charge a fee for transferring even cash on the account.

Once the new tax year starts, you'll be able to transfer out to a cash ISA of your choice.

colsten

FOREVER21 wrote: »

I wonder if [TEXT DELETED BY FORUM TEAM] statement about topping up ISAs has been sent to every member

I didn't receive it. In fact, I have had no communication from DCU since the 2 letters.

Steve3S13

nothing here either, nothing since the glossy leaflet on 12/2/15
I'm not giving them any more money

Any tips on what ISA's to look at next?:p

thenudeone

FOREVER21 wrote: »

Their response was that restrictions were still in place but due to the Data Protection Act they could not give any further information

It's amazing how often legislation is wrongly quoted as the reasons for something.

The Data Protection Act (DPA) only covers data held about individuals, not companies or any other constituted organisations, so there is nothing in the DPA which would prevent the release of any information about any restrictions (or otherwise) on DCU

Nednats

FOREVER21 wrote: »

I wonder if [TEXT DELETED BY FORUM TEAM] statement about topping up ISAs has been sent to every member.

The message I posted was a reply to my email

Bhamstudent

Just as a quick point - as far as I understand things, the restrictions in place have been put in place by DCU. That's not to say that the PRA would put similar restrictions in place if these weren't....it's simply a case of DCU jumping before they were pushed. As such, DCU are free to accept funds (and I guess, technically release them) as they see fit - in a recent convo with Neil he indicated that if the PRA decided that restrictions should be put in place there would be a period of time whilst their application to do so on DCU was heard.

My guess is that DCU have decided that they are confident that they have satisfied the PRA and that therefore by lifting the restrictions they placed on their own operations will not result in the PRA stepping in.

Obviously, I have no more knowledge than anyone else, but thought I'd throw my thoughts in.

colsten

Bhamstudent wrote: »

Just as a quick point - as far as I understand things, the restrictions in place have been put in place by DCU.

What makes you say that?

Why would any going concern put restrictions on itself, and then be unable to lift those restrictions because the regulatory body doesn't agree to the lifting? Do you see the flaw in your logic?