The UK Banking system has become a scary game show.
All we need now is Bruce Forsyth to be the Bank of England spokesman.
The UK banking system has gone completely Bonkers. A wealthy friend of Trumpo only last week asked where to put his hard earned cash as he was concerned about his money being with the Queens bank Coutts - Guess what, I said Northern Rock’s safe, and guess what - Northern Rock have stopped taking deposits today! Its Mad.
The Irish Govt within the last few minutes have guaranteed all savings in Irish Banks and not limited to the current UK Govt’s £35,000- and guess what, all the money will be now going to the Irish Banks, will their be any cash left in our banks after this, Wealth Managers, IFA’s and Financial Advisers have an obligation to move clients money to these banks.
Gordon, wake up - their clearing the UK banks out ????????????
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October 2nd, 2008 at 10:50 am
With regards to Cash Deposits for HNW with a minimum deposit of $1,000,000 I represent a scheme that offers 100% Capital Guaranteed Deposits with an additional 20% pa Coupon Guaranteed - yes the Banking system is Bonkers and unfortunately it is the greed of the Bankers that has caused the stagnation of the Markets - The Banks have money, they have been given it by the Gov and Others - but in order for this to make a difference they have to start moving this money around and stop sitting on it !
October 2nd, 2008 at 10:52 am
“IFA’s and Financial Advisers have an obligation to move clients money to these banks.” No we don’t, we have an obligation to take a balanced approach for our clients. The minute you hear the word “guarantee” mentioned, then start worrying as someone has to pay for the guarantee. Spread wide where available. Whats to stop the Irish geting so peed off with the EU they withdraw and then put in currency restrictions.
I may joke a little, but as was it’s worth remembering the photo in the Times Saturday colour supplement showing the attempted Coup in the Spanish Parliament in 1981. It’s not that long ago!!!!
October 2nd, 2008 at 12:22 pm
I seem to remember the FSA saying clients money in final salary schemes was guaranteed.
They then said a guarantee isn’t 100% guarantee (totally crazy) but it shows you cannot trust a guarantee given by the authorities.
October 3rd, 2008 at 9:29 am
Hi Trumpo
Re. Bank Deposits Guarantee Scheme.
With unlimited Sterling deposits in Irish banks now ‘guaranteed’ I suggest the FSA now finds itself in the position that it must effectively endorse any Advisers recommendation to clients to transfer ALL their funds to an Irish bank.
Not only that but it will have to fine any advisers who do not so advise their clients. After all the FSA has fined firms just because they don’t have what the FSA considers robust systems in place. Even if there is NO ‘risk’.
To be consistent they will have to fine all advisers who don’t get written confirmation from their clients that they have advised them to move their deposits and confirmation from those clients that they are ‘accepting’ or ‘rejecting’ this advice. Don’t forget that IF a UK bank should fail then even the £35,000 guaranteed funds will take months if not years to be released.
This just shows what a mess the regulation in this country, and GB is asking us to accept that his ‘experience’ is the thing that will get us through, conveniently (arrogantly!!) forgetting that he introduced the system in the first place. The system is ‘broke’ so it does need fixing. GB is too arrogant to accept that he has ever made the smallest of mistakes let alone such a big one as this.