I complained to the Financial Regulator earlier in the week that they were publishing an incorrect interest rate for RaboDirect. Their Regular Savers page incorrectly stated that RoboDirect pay 4.3% on savings.
I know keeping tabs with all interest rates is not an easy task and mistakes happen but
1) RaboDirect have an obligation to inform the Financial Regulator when they change their interest rates and
2) The Financial Regulator has an obligation to ensure that RaboDirect do this.
The process failed here.
Anyway, The Financial Regulator sent me an email today saying they have changed their rate on their website (which they have) to RaboDirect's (low) 3.45% interest rate.
They have told me that the Financial Regulator have "followed up with RaboDirect on this matter". I hope RaboDirect get their knuckles wrapped for their failure to inform the Financial Regulator over lowering their interest rates.
I know keeping tabs with all interest rates is not an easy task and mistakes happen but
1) RaboDirect have an obligation to inform the Financial Regulator when they change their interest rates and
2) The Financial Regulator has an obligation to ensure that RaboDirect do this.
The process failed here.
Anyway, The Financial Regulator sent me an email today saying they have changed their rate on their website (which they have) to RaboDirect's (low) 3.45% interest rate.
They have told me that the Financial Regulator have "followed up with RaboDirect on this matter". I hope RaboDirect get their knuckles wrapped for their failure to inform the Financial Regulator over lowering their interest rates.