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Post Office investments at risk?

Mosef41
Posts: 17 Forumite


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
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...no...although, as previously stated I would not touch PO savings accounts with a bargepole due to their completely crap service and general incompetence....."It's everybody's fault but mine...."5
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If you have less than £85K in your PO accounts, you are covered by FSCS1
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Exactly what investments do you think are under threat?You do know that the The PO is owned by the government?2
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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
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Besides, I am sure there will be sufficient funds to pay their tax bill once all their chief execs have repaid all their bonuses???
.."It's everybody's fault but mine...."0 -
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.3 -
At risk of terrible customer service4
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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 advice2
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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.1
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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.Remember the saying: if it looks too good to be true it almost certainly is.3
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