My community finance - 1.11% one year fixed.

Eyeful

The FCSC states

Reason why

My Community Finance is a Payment Service Directories. FSCS can't provide protection if a Payment Service Directories fails.

The following read I am sure would be of interest to may posters on this forum.

https://www.fscs.org.uk/news/protection/e-money/

colsten

Eyeful said:

The FCSC states

Reason why

My Community Finance is a Payment Service Directories. FSCS can't provide protection if a Payment Service Directories fails.

The following read I am sure would be of interest to may posters on this forum.

https://www.fscs.org.uk/news/protection/e-money/I don't think

I don't think My Community Finance falls into the e-money category, which the article is about. They are probably more akin to HL Active Savings or Raisin but that is no excuse for using a name and company number that is not on the FCA Register, or to be opaque about FSCS cover.

masonic

What matters is the nature of the account, and it is claimed that this is a deposit account, not eMoney. The parent company is not authorised to accept deposits, it is just a credit broker. There are a couple of credit unions that actually provide the deposit accounts, one is Brent Shrine Credit Union Limited (under the trading name My Community Bank), https://register.fca.org.uk/s/firm?id=001b000000MfM5LAAV

The other is North Edinburgh and Castle Credit Union Limited (under the trading name Castle Community Bank), https://register.fca.org.uk/s/firm?id=001b000000MfM8TAAV

Note the previous regulatory action taken against the first credit union.

So while I think this is legit, I wouldn't. The obfuscation and layers of subcontracting are a bit off-putting, plus the warning from the FCA about the clones of these firms. You would have to be certain you were transferring money to an account owned by the correct legal entity.

colsten

masonic said:

So while I think this is legit, I wouldn't. The obfuscation and layers of subcontracting are a bit off-putting, plus the warning from the FCA about the clones of these firms. You would have to be certain you were transferring money to an account owned by the correct legal entity.

Totally agree.

Add to this that there are simple, registered companies with FSCS protection which offer near enough the same AER / profit rate.

quirkydeptless

MoJoeGo said:

colsten said:

If gatehouse won't fly because it's an islamic bank, UBL can't fly either. 

No, it could go to the Bank of Cthulhu and Beelzebub as far as they are concerned, provided it was FCA/PRA regulated, FSCS protected, and most importantly had a clear and unambiguous guarantee on the rate.

I tried opening an account there, and all I got from them was "“Ph'nglui mglw'nafh Cthulhu R'lyeh wgah'nagl fhtagn"

Albermarle

quirkydeptless said:

MoJoeGo said:

colsten said:

If gatehouse won't fly because it's an islamic bank, UBL can't fly either. 

No, it could go to the Bank of Cthulhu and Beelzebub as far as they are concerned, provided it was FCA/PRA regulated, FSCS protected, and most importantly had a clear and unambiguous guarantee on the rate.

I tried opening an account there, and all I got from them was "“Ph'nglui mglw'nafh Cthulhu R'lyeh wgah'nagl fhtagn"

Maybe it was the Welsh branch you contacted 

MoJoeGo

quirkydeptless said:

MoJoeGo said:

colsten said:

If gatehouse won't fly because it's an islamic bank, UBL can't fly either. 

No, it could go to the Bank of Cthulhu and Beelzebub as far as they are concerned, provided it was FCA/PRA regulated, FSCS protected, and most importantly had a clear and unambiguous guarantee on the rate.

I tried opening an account there, and all I got from them was "“Ph'nglui mglw'nafh Cthulhu R'lyeh wgah'nagl fhtagn"

I believe they were offering you a free Cartman 'Coon toy for every account opened.

Better than a meerkat anyway.

poppy10_2

colsten said:

There is something odd about them.


Neither Amplifi Capital (UK) Ltd nor 08641995 seem to be on the FCA Register. Note the subtle differences in the spelling of the 'Amplifi' companies which are on the register.

08641995 is their company number (to look them up at Companies House). Their FCA number is 718749. Here's their entry on the FCA register, showing Amplifi doing business under the trading name My Community Finance:

https://register.fca.org.uk/s/firm?id=001b000001SHUW4AAP

I'd still avoid them but they are FCA-registered

adamcarvell

Maybe not then 

ccluedo

For info only
I had a fair sum with them having read about them on an MSE newsletter.  I confess to having assumed due diligence by MSE before they would recommend it in the weekly newsletter.  MSE has never let me down previously - nor (for the record) do I think they have here.
However, when I did look into it myself, I agree with most of the comments here about the obfuscation/different names/layers/clones etc. 
Long story short, I wasn't 100% comfortable and decided to sacrifice the interest in order to withdraw.

My funds were returned without issue, in full (excl interest) within 4 days of request.  So to my mind they are def legit, but not as transparent regarding cover as they need to be.