Shawbrook Bank - Ignores undelivered maturity emails- assumes you've received them.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81920418#Comment_81920418

Did FOS suggest/negotiate that?

Was your complaint more about the low rate renewal issue or the email failure one, or both lumped together, and to what extent have Shawbrook accepted fault for either, in terms of meaningful corrective action?

HUMBUG

https://forums.moneysavingexpert.com/discussion/comment/81920584#Comment_81920584

FOS negotiated the goodwill payment about the low rate renewal issue only . My email complaint wasn't upheld. There was no mention whether Shawbrook accepted any fault for either.

masonic

https://forums.moneysavingexpert.com/discussion/comment/81929017#Comment_81929017

That's very useful feedback and confirms what I suspected about the FOS stance on issues like non-delivery of email (and fallback processes). I was keen to see how this would play out. There was other precedent that they consider such technical matters outside of their scope.

The FCA Consumer Duty would have obliged Shawbrook to provide you with an appropriate renewal product, so this is where you have an arguable case and indeed this is what the FOS confirmed. I suspect those posters who told you to "move on" (I'm not sure who they were) were saying this in relation to the thread title rather than the product choice issue. I think to some extent this part of your complaint got drowned out by a lot of discussion relating to the email issue specifically.

I think you did the right thing in settling ahead of an adjudicator/investigator decision, which might have been less generous. In my experience they're willing to give you a bit of a steer as to whether they think it is a good offer. Out of interest, how much were Shawbrook willing to fork out for the poor rate on the renewal product?

HUMBUG

https://forums.moneysavingexpert.com/discussion/comment/81929119#Comment_81929119

I won't go into specifics but it was a goodwill payment based on the 0.1% holding account versus what interest I could have gained using the highest 'Easy Access Rate' at that time.

newlease

They have gone really downhill haven't they? Slow customer service. Poor rates.

Shylock_249

There share price isn't doing too well either.

mills112

https://forums.moneysavingexpert.com/discussion/comment/81956288#Comment_81956288

i don't think anyone's shares is doing well right now!

HUMBUG

I'm transferring my cash Isa from Shawbrook to Vida at 4.42% but Shawbrook have parked my funds (a significant sum) in their measly 0.1% holding account again (even though FO decided in my favour when they did this over a year ago and had to compensate me with a goodwill payment).

If this transfer takes 3 days or more , I am going to raise another formal complaint again quoting my previous FO case outcome.

VNX

https://forums.moneysavingexpert.com/discussion/comment/81967208#Comment_81967208

did they send you maturity communications?

fuzzzzy

Shawbrook have an easy access ISA paying 2.7% at the moment (not very good but better than 0.1%). I wish they would park maturing ISA funds by default in their best paying easy access ISA. It would make having a maturing ISA with them much less stressful.

Sometimes when I am in the situation of a fixed rate ISA maturing with a provider who uses a holding account for maturity paying such a dismal rate as 0.1% I will give maturity instructions to transfer to the easy access first, and transfer out from there. This is annoying though as it will usually delay transfer to the ultimate destination by at least a couple of days, and you run the risk of losing out on the subsequent transfer if it is another fix and the provider pulls it.

I guess when deciding on any new account you need to weigh up the pros and cons of the provider at the outset. The maturing holding account with a dismal rate is a known con.

If OP does make another complaint I will be interested to see the outcome.