Flagstone Group Ltd

Raki42

Hi all
New to this forum.
Looking into opening a Flagstone business savings account - anyone have any experience with them please? Are they genuine? I've checked the FCA register and they are on there but since 2014 are only allowed to carry out payment service activities. Are deposits with them protected by the FCA?
Any information and help gratefully received.
Thank you
Rachel

eskbanker

They're a middleman platform, so your money wouldn't actually be deposited with them as such but with one of their partner institutions, all of whom are FSCS protected, according to their site.

Eyeful

To find out if your money is protected, you need to use the FSCS SAVINGS protection checker (see below).
https://www.fscs.org.uk/check/check-your-money-is-protected/

You will find if any money is actually deposited money with them, it would not be protected by the FSCS.
This is because they are a Payment Service Directories. That is as eskbanker says a middle man platform.

The FSCS is actual with their partners the banks and building societies 

Eyeful

WARNING:
Be careful to only use the website internet address shown on the FCA register. 
This is because fraudsters have used clones of this company to scam people (see below).
https://www.fca.org.uk/news/warnings/flagstone-invest-flagstone-investment-management-clone-fca-authorised-firm

IvanOpinion

Interactive Investor use them for their version of Active Savings.
https://www.ii.co.uk/ii-accounts/cash-savings

sv511

I am always a little nervous about using an unprotected online broker.  There is always that small chance they will fail or simply loose your money before it gets to an FSCS protected bank or building society.  Even it is protected, it might be extra work to recover your money from the bank account they opened for you. 

That said, I do use XE for foreign exchange.   They are not protected, so my funds are at risk for a few hours or perhaps a day.  However the rates are far better than I would get from using a retail bank. 

Eyeful

Scammers use higher interest rates as the bate on their hook to attract their victims.
Scammers count on the lack of knowledge or greed of their victims to catch their victims.
So savers & investors both need to acquire the knowledge to protect themselves from scammers.

1.  For saving accounts & low risk savings bonds, use the FSCS SAVINGS PROTECTION CHECKER:
https://www.fscs.org.uk/check/check-your-money-is-protected/

2. Understand:
If your UK-authorised bank, building society or credit union fails and can’t pay back your money, FSCS can automatically pay you compensation. 

Some types of firm may be authorised and appear on the Financial Services Register, but if they are not a bank, building society or credit union, FSCS can’t protect money you hold with them under our deposit protection.

Some firms have similar names but every firm has a unique Firm Reference Number (FRN).

You'll get the most accurate results on our site if you use the FRN.
Search the Financial Conduct Authority's register to find the FRN if you don't already have it.

3. Safe Low Risk Savings Bonds are regulated & can be obtained from:
NS&I or Bank/ Building Society protected by the FSCS up to £85K.

Other Bond Types:  are investment products & will not be protected by the FSCS

4. When looking for the best savings rates, use available products:
Examples:     https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#fixedsavings
                      https://moneyfactscompare.co.uk/savings-accounts/
https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

5. Be careful to only use the website internet address shown on the FCA register. 
    This is because fraudsters have used clones of a company to scam people 

  

penners324

My company use them. Very happy with them so far.
They do have a credit score next to each bank to help decide how much to deposit with each bank. 

Getting vastly more interest than the reserve account with our main bank.

Futuristic

They are legitimate but when you deposit to them the funds are not covered by FSCS, only when they move it onto the bank they are. This is similar to Raisin etc.