Concerned about SmartSave Bank ISA

JamieBadman

Hi - so this site recommends SmartSave Bank for a three year fixed rate Bond, and SmartSave state on their site that they are regulated and covered by the FCSA. 

However when I go to fca.org.uk to check this, the search result flags some issues, saying some services may NOT be covered.

How do I find out/confirm that an ISA through them will be safe? The FCA page even states:

"This firm cannot hold and cannot control client money." 

Surely this would be required, for an ISA?

FYI the reference URL is: https://register.fca.org.uk/s/firm?id=001b000003Jj5LyAAJ

Anyone know if this is going to be safe? How can I confirm 100%?

Emmia

If you're not sure, don't use Smart Save (or any other financial institution). It's really that simple.

JamieBadman

Emmia said:

If you're not sure, don't use Smart Save (or any other financial institution). It's really that simple.

I'd rather learn how to conduct due diligence than just blindly swerve them, because they DO offer a superb deal, and if it's legit I'd like to take advantage of it - but I'd really like to be sure.

I would hope that since this site actually recommends their 3 year fixed bond, it would be legit, but I want to be absolutely certain my money will be safe first.

xylophone

However, this is not always the case and these organisations may not cover some of this firm’s activities. If you would like to check what is and what isn’t covered, you can ask this firm to confirm this to you in writing.

enquiries@chetwood.co

eskbanker

JamieBadman said:

Hi - so this site recommends SmartSave Bank for a three year fixed rate Bond, and SmartSave state on their site that they are regulated and covered by the FCSA. 

However when I go to fca.org.uk to check this, the search result flags some issues, saying some services may NOT be covered.

How do I find out/confirm that an ISA through them will be safe? The FCA page even states:

"This firm cannot hold and cannot control client money." 

Surely this would be required, for an ISA?

FYI the reference URL is: https://register.fca.org.uk/s/firm?id=001b000003Jj5LyAAJ

Anyone know if this is going to be safe? How can I confirm 100%?

The reference to client money is qualified by the subsequent explanation about BTL mortgages:

No CBTL business unless registered

The firm must not carry on any activity that would constitute consumer buy-to-let mortgage business as defined in Part 3 of the Mortgage Credit Directive Order 2015 (SI 910/2015) unless registered as a consumer buy-to-let mortgage firm

but further down in the list of permitted activities is 'accepting deposits', which is the relevant provision for cash ISAs and other savings accounts.

Eyeful

According to the the "SmartSaveBank.co.uk" website

"SmartSave is a trading name of Chetwood Financial Limited".

If that is really the case then by using the FSCS own "Is my money protected checker?"
https://www.fscs.org.uk/check/check-your-money-is-protected/

In the box provided type: Chetwood Financial Limited or the their FRN (740551).
Press "check now, you find they are covered up to £85000.

Is that of any help to you?

Eyeful

Go to the FCA register & check out "Chetwood Financial Limited"
https://register.fca.org.uk/s/firm?id=001b000003Jj5LyAAJ

They state the the correct website for Chetwood is
 https://www.chetwood.co/

You find that SmartSave is indeed a trading name of Chetwood Financial Limited.

Does this set your mind at rest?

Be careful that you do not fall for a clone of Chetwood Financial Limited!

callum9999

Emmia said:

If you're not sure, don't use Smart Save (or any other financial institution). It's really that simple.

The mass proliferation of ignorance throughout society is annoying enough as it is without specifically recommending it to people...

If you don't understand something (and are interested in it) then you should absolutely look into it further and educate yourself.

Olinda99

I would respectfully suggest that that is exactly what the op is doing by posting here  i.e looking into it further and educating themselves

there is no shame in asking for help

ccluedo

Olinda99 said:

I would respectfully suggest that that is exactly what the op is doing by posting here  i.e looking into it further and educating themselves

there is no shame in asking for help

I don't think Callum9999 was responding to the OP. 😉

auser99

The slight confusion here is the use of ISA in the thread title and opening post.
Smartsave are only recommended in the Fixed bonds tables, I can't see that they actually offer ISAs at all.