Harpenden Building Society

caper7

I thought I should do a little due diligence before potentially opening a savings account with them as I'd never heard of them before.
Seems they are Fscs protected, but notice that although on the FCA list, they are not permitted to hold client money.
How can they offer savings accounts/ ISAs and not hold client money?
I'm aware of some outfits that seem to offer accounts but use other banks to actually hold the money, and have never used them thus far, but isn't this an actual building society?

masonic

It has a banking licence (Accepting Deposits permission). Client Money permission is for a firm to hold money in a ring-fenced client nominee account rather than offering its customers individual deposit accounts directly.

singhini

I thought they were? (i thought they hold client money and in that way they don't have shareholders but are owned and run by members/clients. Neither are they owned by or are a subsidiary of any other bank, they are a mutual and yes are an actual building society. Well that's what i thought). https://moneyfactscompare.co.uk/savings-accounts/guides/uk-banks-who-owns-whom/

Maybe i missed understood your question, can you point me to where you read they don't hold client money please. 

I had my very first mortgage with them back in 1983 and still have two savings accounts with them (never had a problem with them). 

caper7

It was on the FCA website.
But seeing Masonic's response, I think they are a regular building society that holds deposits, it's just the money is not ringfenced, if I've understood correctly. 
I think ringfencing client money is only in certain situations and not the norm for a building society, but I wouldn't mind a little clarification on it?

Hoenir

Building societies are not subject to ring-fencing regulations because they are established under the Building Societies Act 1986 and not under the Financial Services and Markets Act 2000. 

wmb194

caper7 said:

It was on the FCA website.
But seeing Masonic's response, I think they are a regular building society that holds deposits, it's just the money is not ringfenced, if I've understood correctly. 
I think ringfencing client money is only in certain situations and not the norm for a building society, but I wouldn't mind a little clarification on it?

It has a banking licence. It doesn’t ring fence deposits because it lends them out.