Financial Services Compensation Scheme

[V8 Rumbler]

Following another thread a comment was made by Ian b regarding ING not being a menber of the Financial Services Compensation Scheme . yet this is a paragraph I copied from their website. can anyone throw any light on this.

With the current economic enviroment I need to know that my investments are safe

ING Direct is regulated by the Financial Services Authority for the conduct of UK business and as a Dutch bank, is authorised by De Nederlandsche Bank.

We also subscribe to the UK Banking Code and copies of the code are available on request, or from www.bba.org.uk. We are also members of both the Dutch Investors Compensation Scheme and the UK

ING Direct is regulated by the Financial Services Authority for the conduct of UK business and as a Dutch bank, is authorised by De Nederlandsche Bank.

We also subscribe to the UK Banking Code and copies of the code are available on request, or from www.bba.org.uk. We are also members of both the Dutch Investors Compensation Scheme and the UK Financial Services Compensation Scheme www.fscs.org.uk.

Our customers receive at least the same level of protection as customers of any other UK bank to which only the UK scheme applieswww.fscs.org.uk.

Our customers receive at least the same level of protection as customers of any other UK bank to which only the UK scheme applies



Darren

[Ian B]

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Darren

ING operate under the 'Passport' system which means they are regulated in the UK but your first point of call for compensation would be the Dutch autorities then if no joy you then go to the FSA, i'm not saying you won't get your investment back it will just be a pain in the arse!. I have moved some investments out of ING and into FIRST SAVE partly because of the above but mainly because they are giving 7.10% .from memoryI think ING are at 6.5%.

Darren rest easy there is no talk of any problem with ING, just make sure that with all investments you don't go over 35K per person, the Government have a white paper due a second reading in November where the limit is due to be raised from 35K to 50K or even 100K.

Northern Rock are now covered 100% by the government regardless of how much you have invested, how ironic is that

the FT had a good report on most of this last week, which is repeated in today's mail (page 47) typical mail are passing the report on as their special report.

Ian

[V8 Rumbler]

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Ian

Thanks for the advice , I will look into first save tomorrow

Darren

[Kevin Garrod]

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Fwooosh!

(That's the sound of all this going over my head BTW)

Can't think of investments right now, got a six figure mortgage to deal with first.

[grahamb]

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I feel a lot safer now. Gordon Brown has just been on the 10.00 news talking about how he is going to clean up the city.

[TimShoubridge]

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grahamb wrote:

I feel a lot safer now. Gordon Brown has just been on the 10.00 news talking about how he is going to clean up the city.

A barrow and broom would be a good start, and if he took Mr. Darling with him as the performing Monkey he should make a few bob.

[grahamb]

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He has just put in a second appearance, greeting the atheletes coming back from Bejing. The man is turning into a media tart!

[Ian B]

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Ian B wrote:

Darren

ING operate under the 'Passport' system which means they are regulated in the UK but your first point of call for compensation would be the Dutch autorities then if no joy you then go to the FSA, i'm not saying you won't get your investment back it will just be a pain in the arse!. I have moved some investments out of ING and into FIRST SAVE partly because of the above but mainly because they are giving 7.10% .from memoryI think ING are at 6.5%.

Darren rest easy there is no talk of any problem with ING, just make sure that with all investments you don't go over 35K per person, the Government have a white paper due a second reading in November where the limit is due to be raised from 35K to 50K or even 100K.

Northern Rock are now covered 100% by the government regardless of how much you have invested, how ironic is that

the FT had a good report on most of this last week, which is repeated in today's mail (page 47) typical mail are passing the report on as their special report.

Ian

check the date, did I didI not say don't put your money with companies that operate on the passport system (ICE SAVE) as getting your money back would not be impossible but would be a lot harder than investing in companies in the FCSC.

for what it's worth my investments are in first save and the AA savings, both under 50K and both in the FCSC scheme.

Ian:dude:

[Tdm]

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Ian B wrote

for what it's worth my investments are in first save and the AA savings, both under 50K and both in the FCSC scheme

My wife looked at first save etc. but like a lot of other U.K. Investment Companies if you don't have a U.K. address (& we don't) they won't accept you. Apologies if I have mentioned this before.

Terry

[Stagdad]

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Tdm wrote:

Ian B wrote

for what it's worth my investments are in first save and the AA savings, both under 50K and both in the FCSC scheme

My wife looked at first save etc. but like a lot of other U.K. Investment Companies if you don't have a U.K. address (& we don't) they won't accept you. Apologies if I have mentioned this before.

Terry

Terry

Send your money to me ,and i'll invest it for you

Steve

[V8 Rumbler]

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Tdm wrote:

Ian B wrote

for what it's worth my investments are in first save and the AA savings, both under 50K and both in the FCSC scheme

My wife looked at first save etc. but like a lot of other U.K. Investment Companies if you don't have a U.K. address (& we don't) they won't accept you. Apologies if I have mentioned this before.

Terry

Terry send your money to me please!!!!!!!!!!!!!! I will look after it for you

Darren

[Tdm]

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To Steve (StagDad) & Darren (V8 Rumbler)

Naturally I would trust any fellow Stag owner - with my money or my life; but SWMBO is the one who has hold of the purse strings in our Household.

You would have to think up some very persuasive way of making her part with our existing Investments and move them elsewhere - now how would you go about that?.

Terry

[V8 Rumbler]

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Tdm wrote:

To Steve (StagDad) & Darren (V8 Rumbler)

Naturally I would trust any fellow Stag owner - with my money or my life; but SWMBO is the one who has hold of the purse strings in our Household.

You would have to think up some very persuasive way of making her part with our existing Investments and move them elsewhere - now how would you go about that?.

Terry

If I said please would that help?

Darren

[Tdm]

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V8 Rumbler wrote:

If I said please would that help?

Darren

If you could say "please" in both Welsh and/or Spanish you might stand a better chance. Terry