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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I have a 5yr bond withbritannia building society wich matures

Resolved Question:

I have a 5yr bond withbritannia building society wich matures on 5th December and having contacted them this week was told the interest was approx 15 percent on this type.I was told by their finance adviser when I first took it out that the interest rate would be 34 percent.The adviser has now retired and it is now under the flagship of the Coop Bank.Do I have any recourse to check on this information please. Mr Darby
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts :

Hello my name is XXXXX XXXXX I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

Do you have anything in writing to say it is 34% please?

Customer: When I was in front of the advisor in 2008 i wrote down the information given to me on that day and have that figure written down the other information which is needed is the bond is linked to the FSTE 100 which when started was 4288 now6540.70 and the rule for determine the final figure is an average over the year. I don't have figures for the first part of the year but started in August on when on the 3rd it was6605 and hasn't fallen below 6454 that can find since Presume can find these figures? Do you require the amount invested?
Alex Watts :

Yes how much is invested. You do understand 34% seems unrealistic though in todays market?

Customer: The amount invested was £89000 which was part inheritance money from parents and recall being told that if FTSE would increase over the period it could produce over half as much in interest. I thought at the time that this was high but know that you are always told the best figure on anything in life! I think I will take the book in tomorrow to be updated by The Bank and see the end figure when I can comment further.Thank you.
Alex Watts : What is the formula for interest please? You do realise with tha Bank of England base rate at 0.5% even 15% is exceptional?
Customer: Yes am aware base rate is 0.5 but I cannot seem to relate FSTE performance which is on an increase to a formula for interest on an investment because the Banks don't tell how the two are worked to give a final figure. Am I am liberty to ask them for a breakdown of how this is worked out? Anyway I will wait now until the final figure is printed in the savings book and seemingly have to accept.
Alex Watts : What is the shortfall in interest please?
Customer: I am now confused with Britannia letter I have just opened! It states. We write to you that your bond matures on 5th Dec and it offered a potential return based on performance of the FTSE 100 dependant on the final reading was higher than the start. The start reading was 4288.01 and final was 6417.31. As the final reading is higher you will receive a return of 34percent gross. You have one month to decide etc. So it worries me why when phoning their centre I was told it was paying 15 percent on average on these bonds and the information given initially was correct, so it seems all was not necessary?
Alex Watts :

In that case I do not think you have to worry.

Alex Watts :

It is in writing you will get 34%.

Alex Watts :

If they do not give you this then you have grounds to complain.

Alex Watts :

You could then to go the Ombudsman at: www.financial-ombudsman.org.uk

Alex Watts :

But it sounds like this is all ok - and you will get 34%.

Alex Watts :

It is in writing so you can rely on that.

Alex Watts :

Can I clarify anything for you about this today please?

Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
Ash and other Law Specialists are ready to help you
Customer: replied 3 years ago.
Thanks for help the account has now been closed there is just a matter of finding the correct amount of income tax to pay since the bank has taken some out on the joint account one is a no. Tax payer. I have contacted an accountant for this. Should I have any problems in future I will ask .
Expert:  Ash replied 3 years ago.
Please remember that I am always happy to help if you have future questions, even if I am in Court I can normally respond within a few hours. For future information, please start them with ‘For Alex W’.

Please bookmark my profile if you wish for future help: http://www.justanswer.co.uk/law/expert-alexwatts/

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