Post Office investments at risk?

Mosef41

With headlines in the news today that the Post Office risks insolvency over the compensation bill due to the Horizon scandal, do I need to close out any investments and move my money elsewhere?  TIA for any advice

Stubod

...no...although, as previously stated I would not touch PO savings accounts with a bargepole due to their completely crap service and general incompetence...

friolento

If you have less than £85K in your PO accounts, you are covered by FSCS

Keep_pedalling

Exactly what investments do you think are under threat? 

You do know that the The PO is owned by the government?

masonic

Mosef41 said:

With headlines in the news today that the Post Office risks insolvency over the compensation bill due to the Horizon scandal, do I need to close out any investments and move my money elsewhere?  TIA for any advice

Post Office Limited is owned by the government. You can't invest in it. If you mean that you've opened Bank of Ireland savings accounts through Post Office, then Bank of Ireland has nothing to do with the scandal and the Post Office has no recourse to your savings.

Stubod

Besides, I am sure there will be sufficient funds to pay their tax bill once all their chief execs have repaid all their bonuses???

Aretnap

The Post Office don't actually run bank accounts. If you have a "Post Office" savings account, if you read the small print at the bottom of your statement you will likely find that your money is held by the Bank of Ireland; they have an agreement with the Post Office which allows them to use the Post Office logo and sell their accounts via the Post Office website.

So it's the Bank of Ireland that you need to worry about going bust - the Post Office going bust would just mean that they had to start putting the BOI logo at the top of your statements instead of the PO one. In any event, so long as your savings with them are less than £85000 then you are completely protected by the FSCS, regardless of who goes bust.

Swipe

At risk of terrible customer service

Mosef41

masonic said:

Mosef41 said:

With headlines in the news today that the Post Office risks insolvency over the compensation bill due to the Horizon scandal, do I need to close out any investments and move my money elsewhere?  TIA for any advice

Post Office Limited is owned by the government. You can't invest in it. If you mean that you've opened Bank of Ireland savings accounts through Post Office, then Bank of Ireland has nothing to do with the scandal and the Post Office has no recourse to your savings.

Thank you - that's what we've done.  Very helpful and appreciated reply 

jaypers

I think I will now try to avoid Post Office for everything I can. They will certainly never have any of my savings. More disgusted by the day at the revelations being revealed. 

jimjames

jaypers said:

I think I will now try to avoid Post Office for everything I can. They will certainly never have any of my savings. More disgusted by the day at the revelations being revealed. 

Just be aware that Post Office and Royal Mail are 2 different entities. Seen someone ripping up a book of stamps in protest at the actions of the Post Office without apparently realising that Royal Mail have nothing to do with the current situation.