Banks and FCA

JoolieBoolie

There are several Savings, banks on here e.g. Shawbrook, and Aldermore That aren’t protected by the FCA. I did invest some money with Shawbrook, but was advised by my bank Santander not to invest with Aldermore As they weren’t guaranteed by the FCA. I am at a complete loss now as the rates are good, but I’m worried about investing. They are recommended on This site.

Can anyone advise please. 

Thanks 

wmb194

JoolieBoolie said:

There are several Savings, banks on here e.g. Shawbrook, and Aldermore That aren’t protected by the FCA. I did invest some money with Shawbrook, but was advised by my bank Santander not to invest with Aldermore As they weren’t guaranteed by the FCA. I am at a complete loss now as the rates are good, but I’m worried about investing. They are recommended on This site.

Can anyone advise please. 

Thanks 

You mean FSCS and they are. Santander doesn't know what it's talking about.

400ixl

10 seconds with Google: https://www.aldermore.co.uk/help-and-support/financial-services-compensation-scheme/

Just the same as Shawbrook https://www.shawbrook.co.uk/savings/joint-savings-accounts/#:~:text=All of Shawbrook's savings accounts,£170,000 for joint accounts.

Ayr_Rage

Aldermore Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 204503). Registered Office: Apex Plaza, Forbury Road, Reading, RG1 1AX. Registered in England. Company No. 947662. Invoice Finance, Commercial Mortgages, Property Development, Buy-To-Let Mortgages and Asset Finance lending to limited companies are not regulated by the Financial Conduct Authority or Prudential Regulation Authority. Asset Finance lending where an exemption within the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 applies, is exempt from regulation by the Financial Conduct Authority or Prudential Regulation Authority.

We offer a range of personal savings accounts, including easy access savings accounts, fixed rate accounts, Cash ISAs and notice accounts. All of our accounts offer consistently competitive rates and FSCS protection.

35har1old

JoolieBoolie said:

There are several Savings, banks on here e.g. Shawbrook, and Aldermore That aren’t protected by the FCA. I did invest some money with Shawbrook, but was advised by my bank Santander not to invest with Aldermore As they weren’t guaranteed by the FCA. I am at a complete loss now as the rates are good, but I’m worried about investing. They are recommended on This site.

Can anyone advise please. 

Thanks 

It sames Santander is the one to worry about

eskbanker

JoolieBoolie said:

There are several Savings, banks on here e.g. Shawbrook, and Aldermore That aren’t protected by the FCA. I did invest some money with Shawbrook, but was advised by my bank Santander not to invest with Aldermore As they weren’t guaranteed by the FCA. I am at a complete loss now as the rates are good, but I’m worried about investing. They are recommended on This site.

Can anyone advise please. 

Thanks 

This site makes it clear in its main savings article that

Every bank or building society we mention in this guide is fully UK-regulated, which means you get £85,000 per person protection in the event it goes bust (£170,000 for joint accounts).

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

The definitive guide is the FCA register: https://register.fca.org.uk/s/

What form did this 'advice' from Santander take exactly?  I suspect that you and/or they may have been bamboozled by the fact that a transfer to Aldermore is routed via their nominated clearing bank, Barclays, which therefore may cause issues with Confirmation of Payee validation, but it doesn't in any way call into question the safety of the bank, which is readily verifiable via information in the public domain....

https://register.fca.org.uk/s/firm?id=001b000000MfJGRAA3

35har1old

eskbanker said:

JoolieBoolie said:

There are several Savings, banks on here e.g. Shawbrook, and Aldermore That aren’t protected by the FCA. I did invest some money with Shawbrook, but was advised by my bank Santander not to invest with Aldermore As they weren’t guaranteed by the FCA. I am at a complete loss now as the rates are good, but I’m worried about investing. They are recommended on This site.

Can anyone advise please. 

Thanks 

This site makes it clear in its main savings article that

Every bank or building society we mention in this guide is fully UK-regulated, which means you get £85,000 per person protection in the event it goes bust (£170,000 for joint accounts).

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

The definitive guide is the FCA register: https://register.fca.org.uk/s/

What form did this 'advice' from Santander take exactly?  I suspect that you and/or they may have been bamboozled by the fact that a transfer to Aldermore is routed via their nominated clearing bank, Barclays, which therefore may cause issues with Confirmation of Payee validation, but it doesn't in any way call into question the safety of the bank, which is readily verifiable via information in the public domain....

https://register.fca.org.uk/s/firm?id=001b000000MfJGRAA3

It was likely was the warning when you setup payment this bank account can't be confirmed

JoolieBoolie

As you said I think they were a bit worried as it was via a different bank and the internet wasn’t helpful. Santander were very helpful as I was anxious about doing it properly. I have since read and heard first class reviews about both banks. Finance is a minefield and trying to understand it all with no help is fraught with danger as so many people telling us about scams all the time. Just glad I don’t have millions to invest!!! 

[Deleted User]

You can search yourself on the FCA website 

https://register.fca.org.uk/s/search