How to check bank

akkers

I have joined a non-high-st bank; they only have one branch somewhere. Banking is done mainly online. I have received their paperwork which lists the FSCS guarantee etc.

So how do I check this bank and ensure its not an online scam or something?

DullGreyGuy

https://www.fscs.org.uk/check/check-your-money-is-protected/ will confirm the monies are protected by the FSCS

https://www.fca.org.uk/consumers/fca-firm-checker confirms that they are regulated and for what activities by the PRA and/or FCA

Are you sure they are actually a bank? There are plenty of Electronic Money Institutions out there that may look and feel like a bank in many sense they arent legally banks.

Zinger549

What is the name of the bank?

friolento

Can you please post a link to the bank’s web site 

akkers

Its Al Rayan bank. I have checked and they are in the FSCS list. However, the bank do not quote the FRN no. anywhere and when checking you can only go on name.

Ayr_Rage

Al Rayan Bank has been around for years and is fine as long as you are happy with Islamic banking principles.

There is no interest, however when I've had accounts with them the predicted profit rate has always been achieved.

Personally, I have found their telephone customer service excellent, always polite and helpful.

flaneurs_lobster

akkers said:

Its Al Rayan bank. I have checked and they are in the FSCS list. However, the bank do not quote the FRN no. anywhere and when checking you can only go on name.

It's on their website but it takes a bit of finding

https://www.alrayanbank.co.uk/investor-relations-company

GeoffTF

Make sure that you check the banks' web address and other contact details against the FCA register. Do not trust any other source.

Eyeful

akkers said:

Its Al Rayan bank. I have checked and they are in the FSCS list. However, the bank do not quote the FRN no. anywhere and when checking you can only go on name.

1.  You go to the FCA register: https://register.fca.org.uk/s/
 to find the Financial Service Companies
(a) FRN
(b) correct website address
(c) contact address & phone number.

Example: Al Rayan bank (FRN  229148)
((https://www.fscs.org.uk/check/check-your-money-is-protected/)
https://register.fca.org.uk/s/firm?id=001b000000MfVYKAA3#disciplinary-and-regulatory-action

2. You then go to the FSCS Savings Protection Reregister: 
https://www.fscs.org.uk/check/check-your-money-is-protected/
Type in the FRN state how much you are going to give them & click the "check now" button.
This will tell you how much of your money is protected

3. Companies normally state their FRN number in the very small print at the very bottom of the home page.
(a) With this company, on their home page click the search box "top right hand corner"
(b) In to the search box that opens up type "Firm Registration Number", now click search.

(c) Investor relations: Corporate governance

… Bank 4 Stratford Place London England W1C 1AT Company Registration No. 4483430. Al Rayan Bank PLC, trading as … Authority and the Prudential Regulation Authority. Our firm reference number is 229148. Al Rayan Bank PLC. is a member of the  …

Olenna

I'd personally also check Companies House
It will have information about their legal address, if their accounts are up to date etc.

e.g. they appear to have (currently) missed the annual deadline for filing an annual confirmation statement.

akkers

Actually I agree with all the above. However, the website could be a scam and you would not find out.

But I have verified it through another item - Sort-Code.

The sort-code seems to match up with those mentioned online.

So I guess its authentic.