Flagstone - which firms using this name are safe to use?

stokiecat

There are several companies with the name Flagstone but all seem to have FCA restrictions.  Is it worth considering them for savings?

Emmia

Why use any of them if they all have restrictions?

Plenty of other firms without restrictions out there.

dunstonh

stokiecat said:

There are several companies with the name Flagstone but all seem to have FCA restrictions.  Is it worth considering them for savings?

There are only two firms that are currently authorised with Flagstone in the name.  The name is coincidence as they are not linked to each other.
There are two clone scams using the genuine firm names.

The restrictions in place with one Flagstone is that it can only carry out Payment services activities. i.e. its authorisation is limited to that.  So, that is no big deal.
The restriction with the other is that it cannot hold or control client money unless it is with respect to mortgages.  its a mortgage broker so that is not unexpected.

As the two Flagstone companies are independent of each other, you effectively only have one that would apply to whatever it is you are looking at.

Assuming you are referring to the payment services company, then they are not a deposit taker.  They are a savings platform - a conduit between you and the bank(s) selected.

Labtebricolist

All regulated financial services firms have certain restrictions on their permissions.  That isn’t an issue of itself.

The two flagstones on the FSA Register are a mortgage advisor, and the savings platform.  I’ll assume it is the second you are interested in.  They operate a bit like HL Active Savings, being a one stop shop for a variety of savings institutions.  The basic model is that they offer a single log in, and deal with the admin of opening savings accounts, taking a small interest cut for doing so.

I don’t use Flagstone, because I use HL for certain other things but I do find their active savings a useful tool - I’m happy to give up a small slice of interest for the convenience of the service.  I’d imagine Flagstone is much the same, and very useful if you want to operate a saving ladder.

Futuristic

Flagstone is used by some of the private banks/managers etc (like Coutts). We use it for business savings and never had issues. 

This is assuming you are talking about flagstoneim.com