Cashback for opening bank or investment accounts, including Cahoot

masonic

s71hj said:

masonic said:

friolento said:

s71hj said:

friolento said:

flaneurs_lobster said:

s71hj said:

Santander have declined mine and my wife's £75 CASHBACK on the stocks and shares ISA within a week. We invested £100 which I thought was what was required. Is there something obvious we've done wrong? 

Oh, me too.
Were your investments to new ISAs (as in opened for this offer) or to existing account(s), as mine was?

Mine too. New ISA.

Smacks of a bit of false advertising

Are you appealing?

Yep. Have put in claims x2. I'm literally looking at the account in my App!! They have however withdrawn the ISA from cashback on TCB, which I don't feel is grounds for moving the goalposts.... Or abandoning the match!!! 

Unfortunately, this sort of thing has recently been happening all too often at TCB. They keep hiding behind the retailer allegedly declining the cashback and you never get a proper reason for why the retailer declined. The retailer washes their hands off it by saying the offer was from TCB, not from them. It really, really smells.

I've had a couple of instances of this in the past, with claims dragging on for over a year before eventually being closed unpaid. I stopped using TCB as a result. I much prefer direct offers from the providers, especially in financial services, as they are obliged to treat customers fairly.

If its this it's so cynical 

drphila said:

To decline cashback for some customers (for alleged infringements) is one thing. To do so en masse is quite another thing.

Consumer regulations regarding fairness still apply to TCB, it's just there is no FOS back-up.

It is the nature of the beast. Santander made no promises to any customer signing up that they'd receive any incentive to do so. They entered into some sort of agreement with TCB that customers are not a party to. If they refuse to pay TCB the referral fee, then the customer cannot complain to Santander they have been treated unfairly, nor can they complain to TCB as they have previously agreed they only have a claim to cashback that is actually received by TCB, so TCB has not treated them unfairly:

Unless you believe TCB put the offer on its website knowing that it wouldn't pay out, or Santander and TCB have colluded to reject valid claims to TCB can pocket the money itself (which would be a cynical view to take)

Since we don't know what was agreed between TCB and Santander, we don't know if Santander has a valid reason for not paying TCB.

flaneurs_lobster

masonic said:

It is the nature of the beast. 

This, unfortunately, is the actual truth. We can moan, complain, threaten or plead but the Terms say "our call".

The upside seems to be that anyone who's invested £100 in the last week would have had to have been extraordinarily unlucky to have actually seen a loss.

friolento

flaneurs_lobster said:

masonic said:

It is the nature of the beast. 

This, unfortunately, is the actual truth. We can moan, complain, threaten or plead but the Terms say "our call".

The upside seems to be that anyone who's invested £100 in the last week would have had to have been extraordinarily unlucky to have actually seen a loss.

That’s true.

Be aware though that you cannot get your money out of Santander investments without having sent them a wet signature. Watch out for a letter to that effect from Santander. I got mine yesterday.

artyboy

Having just missed out on the 'offer', it sounds like I may have dodged a bullet here. I've had to fight tooth and nail in the past for cashback on life insurance (which can be pretty lucrative when there are bonus rates on offer).

But it did get me thinking - these are regulated financial products, for which an incentive to sign up is being offered - in this case Santander will hide behind TCB, but is there not any FCA Conduct of Business type rule that means that such incentives can't simply be pulled with a 'tough luck' excuse?

clairec666

artyboy said:

Having just missed out on the 'offer', it sounds like I may have dodged a bullet here. I've had to fight tooth and nail in the past for cashback on life insurance (which can be pretty lucrative when there are bonus rates on offer).

But it did get me thinking - these are regulated financial products, for which an incentive to sign up is being offered - in this case Santander will hide behind TCB, but is there not any FCA Conduct of Business type rule that means that such incentives can't simply be pulled with a 'tough luck' excuse?

Not sure what kind of regulation is covering this, but agree that it ought to be regulated in some way - I'm not too fussed if I don't get cashback for opening a current account, I haven't really lost out, apart from a hard credit check which I don't really care about. But if you commit to locking your money away in return for a cashback reward, you'd be pretty mad if they didn't pay out.

It's probably all covered in the small print, which hardly anyone will bother reading.

masonic

artyboy said:

Having just missed out on the 'offer', it sounds like I may have dodged a bullet here. I've had to fight tooth and nail in the past for cashback on life insurance (which can be pretty lucrative when there are bonus rates on offer).

But it did get me thinking - these are regulated financial products, for which an incentive to sign up is being offered - in this case Santander will hide behind TCB, but is there not any FCA Conduct of Business type rule that means that such incentives can't simply be pulled with a 'tough luck' excuse?

Not really. TCB is abusing an affiliate marketing scheme by offering to pay cashback to the customers it advertises the product to. The incentive is meant for TCB and not the consumer. But if FCA gets pulled in it could mean a ban on such commission payments to third parties, just like happened for the sale retail investments by investment providers and financial advisers.

I'd add there is no evidence anything was pulled. TCB may simply have breached its contract with Santander.

Zekko

So today I've opened both the Sunny Day Saver and Simple Saver, and both are being tracked on TCB (albeit the Sunny Day Saver tracking at £0.00 as per others in here).

Received account details and funded the Sunny Day Saver with £1, no problem, however I'm not able to fund the Simple Saver with £1 - the payment has been rejected twice and money bounced back.

Anyone else had this issue?

flaneurs_lobster

Zekko said:

So today I've opened both the Sunny Day Saver and Simple Saver, and both are being tracked on TCB (albeit the Sunny Day Saver tracking at £0.00 as per others in here).

Received account details and funded the Sunny Day Saver with £1, no problem, however I'm not able to fund the Simple Saver with £1 - the payment has been rejected twice and money bounced back.

Anyone else had this issue?

By FP? There should be a reason given for the rejection, anything?

Zekko

flaneurs_lobster said:

Zekko said:

So today I've opened both the Sunny Day Saver and Simple Saver, and both are being tracked on TCB (albeit the Sunny Day Saver tracking at £0.00 as per others in here).

Received account details and funded the Sunny Day Saver with £1, no problem, however I'm not able to fund the Simple Saver with £1 - the payment has been rejected twice and money bounced back.

Anyone else had this issue?

By FP? There should be a reason given for the rejection, anything?

Yes, by FP.

Text received from sending bank after payment bounce:

"Your payment to xxx hasn't been made. It looks like an issue at their end."

Weird, because the payment to the Sunny Day Saver account went through fine.

sidev93

Both mine and OH declined £75 TCB are now showing as confirmed