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Kent Reliance - is this ethical?
New to this so please bear with:)
Last year I signed up to a 3 year Fixed ISA with Kent Reliance. The terms clearly stated that I could add (up to the ISA allowance) each year. I only chose this account for this reason (as most fixed ISAs only allow you to credit them when you open them).
Anyhow Kent Reliance have decided to transfer my account to a new online platform. Now they say because of this I can no longer add money to it ever! So they have changed the terms and conditions I signed up for.
Is this legal? I wonder if by setting up a new online platform (which serves no benefit to me as far as I can see), they got round some legal loophole?
I don't think this is very ethical!
Comments
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Is this legal?
yes
I wonder if by setting up a new online platform (which serves no benefit to me as far as I can see), they got round some legal loophole?
no they haven’t.
I don't think this is very ethical!
It's neither ethical nor unethical. Accounts are withdrawn and new ones issued all the time. Products built on old software often can't be maintained on new software. So that particular version will become a closed product.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
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I don't believe it is legal and they should have given you the option to reject the transfer to their new system and therefore the changes to the terms and conditions of the account, waiving any early access penalty associated to withdrawing/transferring out.
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What law do you believe that is being broken?
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I am not qualified to get into a argument about legalities.
However if an ISA provider offers their fixed rate ISAs with the possibility of adding to them throughout the term, this would be ( has been ) attractive to new customers. Then at a later date they withdraw that facility for existing customers with existing Fixed Rate ISAs, you have to agree that at the least it is just not cricket .
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Its happened for as long as most of us have been alive.
it's in the realm of frustrating, that cannot be denied, but that's a world of difference between being illegal
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
That some things have been happening for as long as most of us have been alive doesn't make them legal.
A contract can't be changed unilaterally by one of the parties without consent from the other party.
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Regardless of the rights/wrongs, what rate did the 3yr fix offer and are there currently 2yr deals that are as good (not necessarily at KentRel)?
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That some things have been happening for as long as most of us have been alive doesn't make them legal.
It doesn't make them illegal either. It doesn't make them unlawful either, which is probably what you really meant.
A contract can't be changed unilaterally by one of the parties without consent from the other party.
I refer you to the contract, which covers the point of software changes.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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