Kent Reliance Voluntary Liquidation

obiewahn

Have just had an email from Kent Reliance saying they are going into voluntary liquidation and that all there savings accounts will be transferred to the parent entity One Savings Bank plc. The email says 'These changes do not affect your Kent Reliance mortgage or savings account in any way.' Do people think I should take this on trust and stick with them given the current UK economic situation or withdraw my savings to another savings provider asap? I have not heard of One Savings Bank plc previously and wondered if any forum members have knowledge or experience of them good or bad?

MEM62

Do both entities have the FSCS £85K protection?  If so, unless you have more than that deposited, you have nothing to worry about.  

jimjames

Kent Reliance has been owned by One Savings Bank since around 2009. KR is just their brand name used. It ceased to be a building society at the same time. I suspect this is just a technical change to change names and nothing else.

Edit - I think there may be some confusion here. The proposal is to liquidate Kent Reliance Provident society which was a charitable arm carrying on once the building society was taken over. There is no connection to the bank.

https://www.krps.com/future-proposals/

Beddie

I don't see any issues here - they are just dropping the brand, which was already owned by One Savings Bank anyway.

From Wikipedia:

OneSavings Bank is made up of a number of specialist financial services businesses, each serving a distinct audience and need:

• Kent Reliance (KRBS, Kent Reliance Banking Services)
• Kent Reliance for Intermediaries
• Precise Mortgages
• InterBay Commercial
• Prestige Finance
• Heritable Development Finance
• InterBay Asset Finance
• Charter Mortgages
• Charter Savings Bank
• OSBIndia
• Exact Mortgage Experts