NSANDI change rules on ILSCs & ban early withdrawal

hallmark

masonic said:

hallmark said:

I don't think anybody will choose to ignore it as such, I think there'll be lots of people who don't think to check the Ts&Cs, especially since some of them will have renewed these may times over in the past and will assume (incorrectly) not much has changed, or at least not something this fundamental to the product.

Until we see the contents of the renewal communications, there is no way of knowing how clear it will be that the product has changed. I don't recall seeing many complaints about people not knowing about the change of inflation measure. NS&I could make this change sufficiently prominent that it will not be missed.

Hopefully and if not there's a chance they'll see this thread.

Fun anecdote to illustrate why I'm not that confident though:  Many many years ago I worked at a BT call centre during the time they switched to itemised bills.  They sent a glossy leaflet out which was a mocked-up phone bill to AN Other, Anytown, Anywhere, phone number 123456789 and it had a crayon drawing of a phone on the front under the letters "YOUR NEW PHONE BILL AND HOW IT WORKS".  The bill was for £70-something.

We instantly started receiving hundreds (I'm not kidding, it was hundreds) of calls per day from customers, all saying they'd never had a bill that high.  I spoke to countless people, some of them in tears (again I am not kidding) telling me they'd been sent the wrong bill as their name wasn't AN Other and their phone number wasn't 123456789. I spoke to two people who told me they must have been sent the wrong bill because the picture of the phone (in crayon) wasn't the same colour as theirs.

Anyway, I guess it'll become clear at some point if this change catches people out or not.

Albermarle

It's a great anecdote, although does make you wonder about 'The great British Public'
On the other hand I suspect that not many of those people will be holding ILSC's