Can I trust Monefi?

WinterinJune

Hi, I am currently looking to invest a sum of money (part of our pension fund) with Barclays via Monefi.  I know they are a relatively new comer to the Financial Services' market, but don't really know if I am taking a major risk by going via them?!  I am looking at opening a Bank bond which I know is safe and protected by the FSCS, but not sure about going via Monefi!  Has anyone dealt with them before OR know any reasons why I should avoid going via them?  Many thanks in advance.

masonic

This Monefi? https://www.monefi.co.uk/ https://register.fca.org.uk/s/firm?id=0014G00002ZbqGuQAJ

According to their website, they don't offer savings products, and they are not authorised to do so either.

"Bank bond" can mean different things. It is a term that is exploited by scammers that impersonate genuine investment companies. They can claim to offer investment in corporate bonds (which are not the same as savings products) with a high yield compared to savings accounts (for example Barclays Bank plc 5.75% Subordinated Notes 2026) and a naive saver would not understand that this is an investment that carries a risk of default that would not be covered by FSCS. In fact, the scammer is just trying to get the victim to send money, which they steal and make no investment at all. So you should be very cautious that you are dealing with the genuine firm. Especially as the official website is not marketing anything looking like the product you mention.

Albermarle

As above, it would be useful to know exactly what this 'bank bond' actually is, as it is a very vague description.

poseidon1

WinterinJune said:

Hi, I am currently looking to invest a sum of money (part of our pension fund) with Barclays via Monefi.  I know they are a relatively new comer to the Financial Services' market, but don't really know if I am taking a major risk by going via them?!  I am looking at opening a Bank bond which I know is safe and protected by the FSCS, but not sure about going via Monefi!  Has anyone dealt with them before OR know any reasons why I should avoid going via them?  Many thanks in advance.

If its the company shown in masonic's FCA link they do not appear to be regulated to offer cash savings products with requisite  £85k fsfc protection. Their website is vague as to whether they are Independant Financial Advisers ( whole of market ) or mere FAs. When in doubt assume at best they are FAs, IFAs don't tend to make a secret of their status.

As to the product itself I tend to agree Masonic's assessment.  Unless you have conducted  deep dive due diligence into exact nature of the product, at a  guess if it is 'kosher' this may be some form of Structured Investment product linked to stockmarket returns with Barclays Bank perhaps acting as the risk counter party.  

You are querying Monefi's bona fides, but have you seen this particular product ( whatever it is)  sold anywhere else? If so where and who ?

WinterinJune

Hi All, thanks for your replies and sound advice...........I will carry out further due diligence, but will keep your words very much in my decision making.  Cheers