Flagstone investment platform problems

BenC30

I have saving accounts with flagstone but the monthly statement of interest doesn't match with how much I've been paid. I've contacted them a couple of months ago and told it would be investigated but now I just get ignored?    What do I do? I'm nearly £500 down.

Ayr_Rage

How does the statement differ from payments?

Is the interest being paid away or compounded?

Has the wrong interest rate been applied?

Next step would be a formal complaint if you can be certain a mistake has been made.

BenC30

Ayr_Rage said:

How does the statement differ from payments?

Is the interest being paid away or compounded?

Has the wrong interest rate been applied?

Next step would be a formal complaint if you can be certain a mistake has been made.

The interest showing as accumulated for the past month on the statement doesn't match the new account balance that includes the interest.

I have contacted them and they realised an error said they would look into it but have hear radio silence since then, and they have been contacted twice since. 

Do I go to financial services conduct authority? That money has gone somewhere.

dunstonh

Do I go to financial services conduct authority?

It's the Financial Conduct Authority.   And no, you do not go to them as they do not handle consumer complaints.

friolento

Before you can escalate your concern to a third party (Financial Ombudsman Service, FOS), you have to have raised a formal complaint complaint with Flagstone. Asking them a question does not count as a complaint. Flagstone have 8 weeks to respond to a formal complaint.

Whilst I am not sure I fully understand your concern, it appears that your total balance includes all interest as expected, and that the statements haven’t caught up properly. If so, the FOS are not likely to be interested in the concern, particularly if Flagstone have already acknowledged that there is an error.

friolento

NB. Flagstone are a savings account aggregator, not an investment platform. They only deal with savings accounts, not with stocks and funds, like an investment platform does. 

BenC30

OK thanks for your help. Basically to explain the account has say 1000 in it  flagstone statement says you have earned 50 quid interest but the account balance shows 1020. So the 30 quid is missing. Same thing happens every month.

jimjames

That's not £50 interest in total is it rather than monthly? My Chip account shows the interest amount in total as well as the monthly.
What do you calculate the interest should be each month based on the balance? It should be fairly obvious if 5% of £1000 is being paid (divide yearly interest by 12 to get the amount per month)

slinger2

Clearly you can't be getting £50 interest each month on £1,000. That would be a 60% interest rate. You'd expect about £4 a month interest at most.

BenC30

The statement says you have earned 50 but the account balance has not risen by 50. Its risen by 30 so they have not paid out the full amount of interest earned.

The figures I'm using are just to explain what's happening. 

Hoenir

BenC30 said:

The statement says you have earned 50 but the account balance has not risen by 50. Its risen by 30 so they have not paid out the full amount of interest earned.

The figures I'm using are just to explain what's happening. 

Still none the wiser. The figures you've quoted don't help figure out what's going on. What response did Flagstone give to your query?