Are your savings safe? article discussion

RG2015

eskbanker wrote: »

As mentioned in the article that this thread is about, RBS, NatWest and Ulster have separate FSCS protections despite being subsidiaries within the same group.

Is this something that the RBS Group has decided and hence will it be down to CYBG to decide if they wish to cancel or retain the separate VM FSCS identity for financial protection purposes?

RG2015

I have just received my email from Virgin Money and it reads as follows:

If you have savings with Clydesdale Bank, Yorkshire Bank or B, and Virgin Money then your Financial Services Compensation Scheme protection level isn’t affected at all by the two businesses coming together. If this changes, we’ll write to let you know.

This clearly states that the current level of FSCS protection cover will remain unless otherwise advised.

dimdegonda

whats happening with Castle Trust Bank? impossible to contact!

masonic

dimdegonda said:

whats happening with Castle Trust Bank? impossible to contact!

I hate to be the bearer of bad news, but as per thread title your money is not safe at Castle Trust, see these threads:

https://forums.moneysavingexpert.com/discussion/5645851/castle-trust-bond-fscs-protection

https://forums.moneysavingexpert.com/discussion/5733061/castle-trust-1-year-bond-2-00

https://forums.moneysavingexpert.com/discussion/6046709/castle-trust-revisited

See also https://www.telegraph.co.uk/finance/personalfinance/savings/11065151/Concerns-over-safety-of-2.25pc-savings-bond.html

Reaper

And also https://bondreview.co.uk/2018/01/26/castle-trust-corporate-loan-notes-covered-by-the-fscs/

pvturner

Mango money market is offering above average interest rates,sounds to good to be true.Anyone know of them?

ColdIron

pvturner said:

Mango money market is offering above average interest rates,sounds to good to be true.Anyone know of them?

Website is 43 days old. All Whois registrant information - REDACTED FOR PRIVACY

Sounds legit

refluxer

pvturner said:

Mango money market is offering above average interest rates,sounds to good to be true.Anyone know of them?

They claim to be FCA regulated but the FCA link (section 1.1) on their FAQ page is a dead link and they're not listed on the Financial Services Register. Neither are their parent company - Digital House Group Ltd. They don't seem to be listed directly with Companies House. Digital House Group Ltd are listed and their directors all live in Argentina or the USA.

refluxer

pvturner said:

Mango money market is offering above average interest rates,sounds to good to be true.Anyone know of them?

I was just searching the FCA's site for another company and noticed they'd posted this on their unauthorised firms list, four days after I posted the previous message. Hopefully you didn't invest !

Mango Money Markets

Warnings First published: 13/11/2020 Last updated: 23/11/2020

We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.

Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us.

However, some firms act without our authorisation and some knowingly run investment scams. 

This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.

Patr100

refluxer said:

pvturner said:

Mango money market is offering above average interest rates,sounds to good to be true.Anyone know of them?

I was just searching the FCA's site for another company and noticed they'd posted this on their unauthorised firms list, four days after I posted the previous message. Hopefully you didn't invest !

Mango Money Markets

Warnings First published: 13/11/2020 Last updated: 23/11/2020

We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.

Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us.

However, some firms act without our authorisation and some knowingly run investment scams. 

This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.

Not only are they not authorised, on their website they still explicitly say they're authorised:

2.1 HOW SAFE IS THE MONEY I DEPOSIT THROUGH MANGO MONEY MARKETS ?
Ensuring the funds belonging to our clients are secure is our number one priority. As a company authorised by the Financial Conduct Authority (FCA) and subject to the Payment Services Regulations we are required to safeguard client assets at all times, hold appropriate levels of regulatory capital and generally organise and manage our business to the high standards set by the FCA.