Frightened of Unusual Banks recommended on mse? Are they safe?

masonic

https://forums.moneysavingexpert.com/discussion/comment/81885632#Comment_81885632

The BBC doesn't promote financial products as far as I'm aware, but if they did that wouldn't prevent me from checking out any product that interested me before parting with any money.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81885604#Comment_81885604

They do include the standard caveat at the foot of each page:

How this site works

We think it's important you understand the strengths and limitations of the site. We're a journalistic website and aim to provide the best MoneySaving guides, tips, tools and techniques, but can't guarantee to be perfect, so do note you use the information at your own risk and we can't accept liability if things go wrong.

This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service.

They obviously won't knowingly list fraudulent companies but clearly can't offer any sort of guarantee.

mills112

https://forums.moneysavingexpert.com/discussion/comment/81885640#Comment_81885640

i mean you said avoid talking about the newspapers, i always take everything the bbc reports to be correct.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81885647#Comment_81885647

Please say you're joking!

mills112

https://forums.moneysavingexpert.com/discussion/comment/81885648#Comment_81885648

no, are you saying that the bbc report fake news???

masonic

https://forums.moneysavingexpert.com/discussion/comment/81885647#Comment_81885647

If this is an attempt to drag this thread into political debate then I'm not biting.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81885652#Comment_81885652

Did you miss the scandal of the selective editing of Trump's Capitol speech on Panorama? Martin Bashir and the Diana interview? I'm sure there will be plenty of other examples - here are some for starters (within a wider list of controversies):

https://en.wikipedia.org/wiki/BBC_controversies

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81885658#Comment_81885658

You could be right - it can sometimes be difficult to differentiate the credulous from out and out trolls!

GoldenOldy

Update. Have put a little bit in hmpshire after checking all is well on fca website. Then used the actual link on the fc website which took me to the bank. Then put account details in, and my money was thankfully there (rather than just go in on my own as it were). So all good.

The only thing that puts me off is fca have this as top of everything i’ve looked at so far..puts the fear of god in you……..”Some activities by this firm may not be protected

This firm is shown on the Register because it is now, or was previously, approved by the FCA (or relevant regulatory body). As a result, you may be able to complain about this firm to the Financial Ombudsman Service. If this firm goes out of business owing you money you may be able to claim compensation from the Financial Services Compensation Scheme (FSCS). However, this is not always the case and these organisations may not cover some of this firm’s activities. If you would like to check what is and what isn’t covered, you can ask this firm to confirm this to you in writing. There’s more information on the  Financial Ombudsman Service’s websiteopens in a new window  and the  FSCS’s websiteopens in a new window about the kind of complaints and claims they can help with. The final decision on whether or not they will consider any complaint or claim is for the Financial Ombudsman Service or the FSCS. 

masonic

https://forums.moneysavingexpert.com/discussion/comment/81885668#Comment_81885668

The "Some activities by this firm may not be protected" is standard boilerplate, since many firms offer products and services that fall outside the FCA's remit or may not have permission to do certain things. What matters is they have permission to provide the product you are interested in (in this case "Banking" / "Accepting deposits"), which you can see if you scroll down to the Activities and Services section. Provided this is the case, then you can rely on their assertion that the account you are opening is FSCS protected. You then need to make sure you are contacting the genuine firm using the listed contact details and website, just as you did.