Are your savings safe? article discussion

murphydavid

A quick couple of observation’s on the “What counts as a 'financial institution'?” table.

• If you follow the link in the note below the table: “Abbey, Alliance & Leicester and Bradford & Bingley Read the full MSE news story.” You find “Update, 16 April” “In fact, this won't happen until 31 December”. So I think it would be helpful if the table entry “Alliance & Leicester (2 - from May)” were made to read Alliance & Leicester (2 - from Jan 2011). If I have miss read then I would be glad for someone to post an explanation because this is a trap into which I could fall and I would need to take emergency measures.

• Should the entry “Cheshire BS (See Note)” be “Cheshire BS (15) (See Note)”

I would also add this is a very useful table. Many thanks.

Senjo

Now all these banks have joined up shouldn't there be a rule or law that they have to make it absolutely clear to customers whether they have a separate £50k guarantee or if they also come under another bank. :(It's scandalous that customers have to try and find this out themselves.

MarkyMarkD

Yes, there is such a law, and it's now in place having been introduced fairly recently.

Banks have to notify their customers periodically of the FSCS limit and how it is shared with other companies in the same group.

amos71

I think banks should have to go further and state in a panel clearly on each leaflet any banks that are covered by the same liscene. They should also be required to give customers 14 days to a months notice if they are going to scrap a seperate FSC liscence for a subsiduary i.e Lloyds TSB and HBOS.

I got caught by the Ice Save colapse and do not want to go through that again!

I-LOV-MONEY

Did you not get your money back from IceSave ? (although it was a bit worrying at first !).

John_Pierpoint

But it was a damned close run thing - with all sorts of machinations then & since.

http://www.guardian.co.uk/money/2008/may/04/interestrates.savings

http://www.guardian.co.uk/business/2010/jan/07/iceland-president-warns-uk-government

http://www.ksfiomdepositors.org/forum-topic/british-offer-guarantee-icesave-declined-iceland-central-bank

[I am told there are factual errors in this report about the I-o-M situation but you get the drift - What power does a country with 2% of the population and 5% of the assets have in a globalized world economy? - I'm waiting for a crisis with one of the big Chinese "privatised" banks - then there would be blood on the streets]

What price another sovereign debt default?
(Or will we be bailed out by the 1970's Labour inflation "solution")

john4d

I was told today by a "Financial Advisor" at Santander that my understanding of the FSCS was incorrect and that my savings would be covered upto £50,000 but if I took advantage of one of their Investment Products I would be covered by the FSCS scheme for another £50,000, making £100,000 in total. I have been unable to find any reference to this on the FSA site, although they did make refrence in their consultation document to a £50,000 limit for investments but did not make clear "investments" or if the investment company had to be a seperate entity . Does anyone have any knowledge of this additional £50,000.

MarkyMarkD

That's almost definitely because the "investment product" is not actually a Santander product, in which case what the adviser tells you makes sense.

stir_crazy_2

Hi,

In the article UK banks were covered in detail but do you have any more information about deposit accounts on the Isle of Man and protection there. Has the Isle of Man Government (compensation scheme) paid out before to protect depositors from failing institutions, is a guarantee actually worth anything?

Concerned customer of Anglo Irish.

BRAND678

Hi could you please let me know how safe my money/shares are if my execution only broker goes bankrupt? I guess any cash would be safe up to £50000 but how about shares over £100000? Would my shares with the broker only be covered up to £48000 and if so am I better off getting my shares over £48000 out of the broker account and keeping them in paper form at home or with another broker? Or would all my shares still be safe. Thanks.