I'd wish to take out an investment with Hampshire Trust, but I know little about financial institutions and have never heard of this one. The investment is attractive but I'd rather find out a bit more about this Company's background before entrusting my hard-earned money to them. I've been to the Financial Services Authority site but I've found nothing there. Where else on the Internet do you suggest I can find information on a financial institution?
Well, I Googled and got
Rob Graham
I'm a bit surpised to see that they do not seem to be regulated by the FSA. If they were they should state this on the home page.
Rob Graham
Sure Rob, I had already been to their site - I was more wanting to know what an independent voice might have to say about them.
Their simple form I've got here to fill in says at the bottom that they are regulated by the FSA. How does one make sure about these things?
They have a rather tasty 2-year fixed rate bond I'd like to put my savings into.
In message , Thea writes
You dont know anything about them, and cant find anything independent The FSA seem not to know, or authorise them. They operate from one building in Hampshire etc.
It looks like you shouldn't touch them with a barge pole.
What is so special about their offer that you cannot get from a well known brand?
If it is so much better than the "norm", it is probably too good to be true.
You're basically right in warning me that way, Richard, and thanks for this. However I'm possibly justified in being tempted to go for this bond as it's being mentioned in Moneyextra
Cheers,
If it sounds too good to be true ...
So long as you don't want to deposit more than 31,700 and have checked that HT are part of the compensation scheme - you should be OK.
However, assuming you can get 4.5% (gross) p.a. elsewhere - the extra 1% on
31,700 nets down to 190 for a 40 % tax payer. Does not seem worth it for less "peace of mind", and being locked in for 2 years?In message , Rob Graham writes
They only need to be 'regulated' by the FBA oif the give investment advice. Otherwise, if they are a bank, they are merely 'supervised' by the FBA.
Anyway there is no problem because Hampshire Trust IS listed on the FBA site as a Bank
In message , Thea writes
They ARE on the FSA site as a Bank. They are a small bank that lends to dodgy borrowers. I think they charge quite a high rate of interest. Because of their size they wont be bale to borrow on the markets like a big bank would, so in view of the high interest they charges, they can obtain their funds in the retail market by offering higher rates to attract depositors.
In message , john boyle writes
For some reason my spellchecker has changed FSA to FBA, sorry.
What is the rate they are offering?
Northern rock have a 1 year fixed rate bond at the minute paying 5% Gross Annual Interest.
The 2 year Bond rate is 5.5% (gross).
.. which is not to be scoffed at, you might agree? But seriously, folks, you've all been right in advising caution and J Boyle's clarification settles it. Better safe than sorry and I'm off to Northern Rock!
Grateful for your help and... good wishes for a PROSPEROUS New Year to one and all :)
Hi guys
I am an Associate Director for Hampshire Trust Plc and stumbled across your posts,interesting to see your comments/perceptions, happy to answer any direct questions regarding the bank if required.
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