MSE News: Car giant Ford gears up to launch market-leading regular savings

adindas

Speculator wrote: »

I said I saw a message on their facebook page that said only one a/c allowed per person.

She said did I open my accounts based on info from elsewhere. I said based on info from their advisors and gave her the names of two advisors.

keyboardworrier wrote: »

I think we can guess where this is going - if people called up and got advised directly they'll be allowed to keep them, if not they will get closed. Let's see what happens.

Is the discussion about Regular Savings or Regular Saver Cash ISA ?
Information on Facebook is not legally binding as it does not form part of the contract.

Has anyone seen any on the T&C, summary, product information / advertisement specifically mention about only one Regular Saver Cash ISA per customer ??

If not then hopefully they will not end up with the surge of complain which might end up with them paying compensation. Not to mention reputational damage to them if the case going to press.

Keep in mind:
- It took time to apply. You apply and they approve it.
- With regular saver ISA for new money this information is crucial in decision making as you could only have it with one provider. Only allow to put £250 a month will mean you will sacrifice your tax free allowance you are entitled to.

Steve_xx

keyboardworrier wrote: »

I think we can guess where this is going - if people called up and got advised directly they'll be allowed to keep them, if not they will get closed. Let's see what happens.

Not sure how they would decide who had been advised by their advisors and who hadn't.

If they had a target sum to reach on sales of these products, and they have attained that, then why would they bother who has what? They should regard it as a learning curve.

veryintrigued

Steve_xx wrote: »

Not sure how they would decide who had been advised by their advisors and who hadn't.

If they had a target sum to reach on sales of these products, and they have attained that, then why would they bother who has what? They should regard it as a learning curve.

Seeing as we're having a guessing game on the Non ISA RS I reckon:

They'll currently be working out if their telephone, email and secure messaging are up to recording who was specifically advised that multiple accounts were allowed.
If they are than this subset will be offered a goodwill gesture in lieu of poor advice and systems that allowed customers to open multi accounts - others will be offered nothing (maybe a bit of lost %)
All customers with multiple accounts will have all but one closed.

As a guess....

Vortigern

Steve_xx wrote: »

If they had a target sum to reach on sales of these products, and they have attained that, then why would they bother who has what? They should regard it as a learning curve.

On the other hand, if their target was to reach a specific number of customers, at whom they could pitch their other products, they have failed to meet that objective.

One account of each type was very clearly their intention: why else would they specify a max contribution of £250 per month?

I'm rather surprised that nobody has used the words: greed, feeding frenzy, the love of money is the root of all evil. Obviously the MSE/HUKD effect has deprived many potential customers of the opportunity to earn a little more on their modest incomes.

This is not a sour grapes post. I opened one account for myself and one for my wife. That is all I intended to do.

[Deleted User]

veryintrigued wrote: »

All customers with multiple accounts will have all but one closed.

As a guess....

I think your guess is correct.
Very poorly drafted T and Cs for both the RS and the RS ISA, but the intention was clearly a maximum of one of each account per customer.

Isn't there always a fall back condition in the T and Cs allowing the provider to close an account without giving a reason? Presumably they will offer 4% interest on the initial £250 from date of opening to date of closure.

veryintrigued

Speculator wrote: »

She said did I open my accounts based on info from elsewhere. I said based on info from their advisors and gave her the names of two advisors.

Were those two advisors communicating specifically to you? Or are they names you've picked up from forums like this where forumites have (incredibly) given out names of employees?

YorkshireBoy

adindas wrote: »

Is the discussion about Regular Savings or Regular Saver Cash ISA ?
Information on Facebook is not legally binding as it does not form part of the contract.

Has anyone seen any on the T&C, summary, product information / advertisement specifically mention about only one Regular Saver Cash ISA per customer ??

If not then hopefully they will not end up with the surge of complain which might end up with them paying compensation. Not to mention reputational damage to them if the case going to press.

Keep in mind:
- It took time to apply. You apply and they approve it.
- With regular saver ISA for new money this information is crucial in decision making as you could only have it with one provider. Only allow to put £250 a month will mean you will sacrifice your tax free allowance you are entitled to.

You (and others) would be well advised not to try and use that to back up any complaint. It only reinforces the fact you clearly haven't read their ISA T&Cs.

Speculator

veryintrigued wrote: »

Were those two advisors communicating specifically to you? Or are they names you've picked up from forums like this where forumites have (incredibly) given out names of employees?

Specifically to me and I have a recording of my conversation to the third advisor I spoke to.

Speculator

Steve_xx wrote: »

Not sure how they would decide who had been advised by their advisors and who hadn't.

If they had a target sum to reach on sales of these products, and they have attained that, then why would they bother who has what? They should regard it as a learning curve.

At the start of the conversation, they ask for your name.

EachPenny

veryintrigued wrote: »

Were those two advisors communicating specifically to you? Or are they names you've picked up from forums like this where forumites have (incredibly) given out names of employees?

One thing that struck me about Speculator's post is the spreadsheet of names might not be intended to record which customers were 'wrongly' advised, but instead which CSA's were giving out the 'wrong' advice and perhaps may need further training.

I've also noticed the RS Product Summary Box document currently available to download differs in some key areas to the one available on Monday morning. However, it still has the same document reference number on the bottom of the page along with the same 'November 2016' date.