Nationwide and Legal & General

keats22

My friend has savings with Nationwide and Legal & General.
The advisor has assured him that they are each separately covered by the government scheme, up to £75000.
I think perhaps this isn't so, as Nationwide own L&G, and Nationwide staff sold him the L&G savings accounts.
Anyone have any more independant information?

Stevie_Palimo

If they are still two separate Companies owned by the same corporate one then they should by rights be covered as per unique Company registration number and licences, I would think that the £75.000 does apply to each side here and if you still worried then write to them and ask for this to be clarified.

le_loup

Nationwide do not own L&G.

ctdctd

Nationwide have the full £75K protection
Legal & General are not on the FCA list - do they offer savings accounts?

FCA Site

antrobus

le_loup wrote: »

Nationwide do not own L&G.

That.

The Legal and General Group plc is an entirely different entity from the Nationwide Building Society

keats22 wrote: »

... and Nationwide staff sold him the L&G savings accounts....

Although there is a close relationship between the two. L&G acquired Nationwide's life and unit trust business some years ago, and they have a 'partnership', as in Nationwide flogs L&G products.

jimjames

keats22 wrote: »

My friend has savings with Nationwide and Legal & General.
The advisor has assured him that they are each separately covered by the government scheme, up to £75000.
I think perhaps this isn't so, as Nationwide own L&G, and Nationwide staff sold him the L&G savings accounts.
Anyone have any more independant information?

Are you sure the friend actually has a savings account with L&G? It seems more likely to be an investment and that would not be covered by the £75k FSCS but the lower investment limit of £50k but they're also subject to investment risk. As your friend bought the products they probably know more about them.

antrobus

ctdctd wrote: »

Nationwide have the full £75K protection
Legal & General are not on the FCA list - do they offer savings accounts?

FCA Site

Legal & General won't be on that list because they do not offer savings accounts. They are not a bank.

Various L&G entities are however FCA registered.

https://register.fca.org.uk/shpo_searchresultspage?search=Legal+%26+General

dunstonh

As mentioned, L&G and Nationwide only have a commercial link. Nationwide retail L&G products (not the whole of market version but cut down or more expensive versions).

L&G do not offer savings accounts. They offer investments. The investments they offer have investment FSCS protection. However, Nationwide did retail some structured products from L&G. Some of these were deposit based and do have deposit level FSCS protection (under L&G). Most were investment based and these have no FSCS protection.

keats22

Thanks to all for the information.
I rushed, should have been more precise; I meant investments, not savings accounts.
Antrobus- thank you, that clarifies things.
Jimjames.....I asked because my friend really doesn't know more; he doesn't even understand compound interest, and is somewhat at the mercy of financial institutions.
That's why I help.........