RaboDirect Rates and the Financial Regulator

[Lightning]

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.

 

[Chris]

I think you are jumping to conclusions. I think it is quite possible that Rabo informed the regulator, and that the regulator failed to update their website.

 

[8till8]

"...the regulator failed...."

no surprises there...

 

[Lightning]

I think you are jumping to conclusions. I think it is quite possible that Rabo informed the regulator, and that the regulator failed to update their website.

They have told me that they are following up with RaboDirect so it would seem almost certainly that RaboDirect did not inform the Financial Regulator.

 

[rmelly]

As the first poster said, you are reading too much into the comment - for all we know they may be trying to find another lost letter, and have asked Rabo to send it again. Let's not jump to conclusions without the facts.

 

[Chris]

They have told me that they are following up with RaboDirect so it would seem almost certainly that RaboDirect did not inform the Financial Regulator.

Do you really believe that the regulator will tell the public that they made a mistake? The incompetence of the regulator has been highlighted enough in recent times

"...the regulator failed...."

no surprises there...

Hehe, didn't even notice my own hidden message ;-)

 

[TSThomas]

They have told me that they are following up with RaboDirect so it would seem almost certainly that RaboDirect did not inform the Financial Regulator.

Well, thank goodness our 'Regulator' is incapable of sourcing information publically available on their [Rabo's] website! I suppose they lost the mail like they did the Anglo mails.