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Car Finance Commission Liabilities
Nearly all the highest rate FR Cash Isas listed on the MSE website are for providers with exposure to these liabilities, As a result I have invested substantially in several of them without knowing this. Would it not be a better service if the affected providers were marked with a car symbol. I realize they are all covered by the FRCS guarantee of £k120 but would prefer not to have any problems if several of these providers went bust together, i have checked the liabilities with Google AI, and am slowly transferring deposits as they mature.
Comments
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As a result I have invested substantially in several of them without knowing this.
When you say you have invested in several of them, do you really mean that?
Or do you mean you have placed your deposits with them? (Investing in them means something very different - it means you have bought shares in them).
Would it not be a better service if the affected providers were marked with a car symbol.
No. That would be completely unnecessary. No deposit takers are going to be impacted by motor finance. PPI is vastly more costly and you didnt see a single retail bank go under.
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.3 -
I think AI or another entity has put some very strange ideas into your head.
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As a result I have invested substantially in several of them without knowing this
It's always a good idea to know what you are investing in. You might make money if their liabilities turn out to be less than expected but have you actually invested in these companies? Not sure what FRCS is? There is a a FSCS of £120k but that applies to savings not investments. Maybe AI isn't giving you the best info.
Remember the saying: if it looks too good to be true it almost certainly is.1 -
OP is talking about Cash ISAs, so these are savings accounts, not investments.
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A little knowledge is a dangerous thing.
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