Investec - Online Flexi Saver Account - Legit?

allnamesaretaken999

Hi all,

I'm trying to do some due diligence on a Savings Account from Investec. Specifically the "Online Flexi Saver", which can be found here:

https://savings.investec.com/online-flexi-saver

I've had the account for a few months, but was recently checking it out on the Financial Conduct Authority register (https://register.fca.org.uk/s/).

The legal blurb at the bottom of a statement from this account says:

"Investec Private Banking is a part of Investec Bank plc (registered no. 489604). Registered address: 30 Gresham Street, London EC2V7QP. Investec Bank plc is authorised bythe Prudential Regulation Authorityand regulated bythe Financial Conduct Authority and the Prudential Regulation Authority. Investec Bank plc is a member of the London Stock Exchange."

But when I go to check for "Investec Private Banking" on the FCA Register, it comes back with red warning entry to the effect of:

"Investec Private Banking (clone of FCA authorised firms) - Unauthorised!"

This feels like something to be concerned about.

I then went to double check "Investec Bank plc", this comes back looking OK (https://register.fca.org.uk/s/firm?id=001b000000MfGxWAAV). But there is no mention of "Investec Private Banking" in the registered trading names.

I even went to look at the "Investec Bank plc" Account from 2022 (on Companies House). There is no mention of "Investec Private Banking" in the Subsidiaries section.

So, whilst I know that "Investec Bank plc" has been around for a while and has a solid reputation.

I'm not sure what to think about "Investec Private Banking" and this Online Flexi account.

Thoughts..?

Thanks.

jaypers

They are 100% legitimate. I have used them for some time. I do believe that like many financial institutions there was a clone site so perhaps the warning is with regards to this. As with any access to accounts, it’s always important to use your own bookmarks or trusted links and never click on anything in an email etc. 

xylophone

https://www.investec.com/en_gb.html


https://www.investec.com/en_gb/private-banking.html

Should make all clear.

allnamesaretaken999

@jaypers - It's good to hear the you're happy with them.

I think I'm still concerned that there seems to be a disconnect with the "Investec Private Banking" not being listed as an actually subsidiary or trading name.

For an organisation of their size, it would go a long way confidence-wise for them to get some clarity around their FCA entry.

@xylophone -  Thanks for the links to the main Investec Website.

I agree that yes, they have a whole page on Private Banking as a business activity. But there's nothing on there which clears up the relationship (or lack thereof) between the companies "Investec Private Banking" and "Investec Bank plc".

I think the onus in on "Investec Bank plc" to document a clear link on their FCA entry.

Thanks to you both for the feedback. It's appreciated.

I think for now I'll transfer my savings away from that particular "Online Flexi Saver" product. Luckily (for savers at least) we're now in a competitive market for good savings accounts and providers.

Barkin

You're worrying unnecessarily. 

wmb194

allnamesaretaken999 said:

@jaypers - It's good to hear the you're happy with them.

I think I'm still concerned that there seems to be a disconnect with the "Investec Private Banking" not being listed as an actually subsidiary or trading name.

For an organisation of their size, it would go a long way confidence-wise for them to get some clarity around their FCA entry.

@xylophone -  Thanks for the links to the main Investec Website.

I agree that yes, they have a whole page on Private Banking as a business activity. But there's nothing on there which clears up the relationship (or lack thereof) between the companies "Investec Private Banking" and "Investec Bank plc".

I think the onus in on "Investec Bank plc" to document a clear link on their FCA entry.

Thanks to you both for the feedback. It's appreciated.

I think for now I'll transfer my savings away from that particular "Online Flexi Saver" product. Luckily (for savers at least) we're now in a competitive market for good savings accounts and providers.

It sounds like it’s a department of the bank, not an actual subsidiary.

xylophone

My relative had PoA for one of his relatives and dealt with Investec on line, by phone and in person on behalf of the donor - no problems - very professional handling of business affairs.

Yifatushle

I also tried to understand whether it is safe to use their fixed rate 1 year saving account and was also put off by also warnings on FCA website- I researched a bit more online and there are mixed reviews- I would expect for them to make sure all is intact as some customers are deterred- wonder if there is any more information to offer assurance they are safe to invest with? 

ColdIron

They are safe, I've used them since 2012

wmb194

Yifatushle said:

I also tried to understand whether it is safe to use their fixed rate 1 year saving account and was also put off by also warnings on FCA website- I researched a bit more online and there are mixed reviews- I would expect for them to make sure all is intact as some customers are deterred- wonder if there is any more information to offer assurance they are safe to invest with? 

Investec is long established and deposits are covered by the FSCS. Just make sure you use the correct website. If you want to research the company it's listed in London, LSE:INVP.

https://www.investec.com/en_gb.html

https://www.londonstockexchange.com/stock/INVP/investec-plc/company-page