TONY HETHERINGTON: A win in your premium bond battle

TONY HETHERINGTON: A win in your premium bond battle

Tony Hetherington is Monetary Mail on Sunday’s ace investigator, combating readers corners, revealing the reality that lies behind closed doorways and successful victories for individuals who have been left out-of-pocket. Learn how to contact him under. 

M.C. writes: My expensive spouse handed away in February. She had £1,000 in premium bonds, so I wrote to Nationwide Financial savings & Investments (NS&I) together with her dying certificates. 

I heard nothing extra till April, when a prize cheque for £25 arrived. 

It was made out to my spouse, so I returned it, however six weeks later NS&I stated employees couldn’t discover the unique correspondence.  

Poor type: Nationwide Financial savings & Investments despatched an unbankable cheque

What a chapter of errors. First you acquired a prize cheque that couldn’t be banked as your spouse had died. Then NS&I admitted it had misplaced the sooner correspondence, although you gave employees a duplicate of the letter they despatched you to acknowledge that that they had been knowledgeable of your spouse’s dying. 

However extra was to return. You had requested for the bonds to be transferred to you, however no person had informed you that you just needed to full a specific NS&I type to use for this. So, you jumped by means of this additional hoop and despatched the finished type in Could. 

4 weeks later, NS&I replied. However as an alternative of transferring the bonds and issuing a brand new prize cheque, employees determined to deal with your declare as a criticism and supplied to place you in contact with the Ombudsman. So, six months after you misplaced your spouse, you continue to had no thought while you would acquired her £1,000 funding or the £25 prize. 

I requested officers at NS&I headquarters to look into what had gone fallacious, and I’m glad to say they moved sooner than I may have hoped. 

Premium bonds can keep in prize attracts for as much as a yr after the holder dies, however they can’t be transferred. They’ll solely be encashed. So NS&I has redeemed your spouse’s holding and has despatched £1,000 straight to your checking account. 

The officers have been frank. With refreshing honesty, they informed me: ‘We didn’t scan the copy of Mr C’s late spouse’s dying certificates into our system, and thus Mrs C’s dying was not registered with us. This was a case of human error.’ 

If you expressed your disbelief at this, NS&I handled the matter as a criticism and two completely different departments grew to become concerned – simply because the pandemic meant that each groups have been wanting employees within the workplace. 

The workforce dealing with the criticism then contacted you forward of the bereavement workforce that was meant to place issues proper, and this added an additional layer of confusion. 

In addition to the £1,000 in your checking account, you now have a £25 prize cheque issued in your title. 

NS&I has additionally paid you £31 in misplaced curiosity, which it calculates at a really beneficiant eight per cent, and it has added an additional £100 as a gesture of goodwill to apologise for the misery, upset and inconvenience brought on.

Fraud-friendly Britain is not going to pursue crooks who cheated you of £10,000

M.P. writes: In the beginning of April final yr, I invested £10,000 in sustainable vitality bonds marketed by Whitehorse Finance. 

The bonds have been to mature in April this yr, however now I discover I can not contact the agency, nor do I understand how to report this situation. 

Too late: Last year Tony was already investigating this scam by Whitehorse Finance

Too late: Final yr Tony was already investigating this rip-off by Whitehorse Finance

You would not have identified, sadly, that final yr I used to be already investigating this rip-off. Three weeks after you invested, I warned that there was a complete collection of false claims in the way in which these interest-bearing bonds have been offered. 

Whitehorse Finance was a buying and selling title utilized by an organization known as Prime Guard Ltd, owned and run by Tashfeen Mogul, who additionally used the names Whitehorse Bonds and Whitehorse Capital. He claimed: ‘For over a decade, Whitehorse Capital has supplied funding and wealth administration to people, households, teams and establishments.’ 

This was a lie. Mogul additionally claimed that buyers’ funds have been protected, as a result of: ‘All investments made with the Whitehorse Finance Group are asset backed towards firm belongings which embrace gold, money and actual property.’ One other lie. 

And if all else failed, Mogul added: ‘Our Wealth Safety Scheme shall be utilised to cowl any shortfall.’ 

However in fact this was a lie as effectively, identical to his declare that his agency – barely a yr previous – had 2,300 buyers and managed £127million of investments. All of those lies add as much as the prison offence of fraud, however frauds like this are not often investigated now. Recognizing a prosecution is like seeing Elvis on the grocery store. 

Investor Mark Taber runs an internet marketing campaign to show companies comparable to Whitehorse. Final week he reported three extra to the Monetary Conduct Authority, however he informed me: ‘This takes the quantity I’ve reported to this point this yr to greater than 350, but nonetheless no efficient motion is being taken to forestall the adverts from showing or to prosecute these behind them.’ 

The watchdog has grow to be like a failed state, not simply incapable of exercising energy, however harmful in that it offers the general public the phantasm of security with none in actuality. 

What occurred to Prime Guard? Earlier this yr it was struck off by Firms Home, although the title has lately been registered for a brand new, unconnected enterprise. 

Mogul informed Firms Home he had handed management to a person named Storey. Nonetheless, our weak legal guidelines don’t oblige crooks or anybody else to offer their deal with in public information. 

The truth is, you should utilize any previous title and deal with to arrange an organization, which is why we’re one of the vital fraud-friendly nations on this planet. 

In brief then, you’ll not see your £10,000 once more. You would report all this to the police, and even give them a duplicate of my warning from final yr. However nothing will occur.

In case you imagine you’re the sufferer of economic wrongdoing, write to Tony Hetherington at Monetary Mail, 2 Derry Road, London W8 5TS or e-mail Due to the excessive quantity of enquiries, private replies can’t be given. Please ship solely copies of unique paperwork, which we remorse can’t be returned. 


Some hyperlinks on this article could also be affiliate hyperlinks. In case you click on on them we might earn a small fee. That helps us fund This Is Cash, and preserve it free to make use of. We don’t write articles to advertise merchandise. We don’t permit any business relationship to have an effect on our editorial independence.

I'm business helper , i have 20 year experience in business management sector. I help many business owners to grow business. My passion is helping fellow entrepreneurs and small business owners succeed.

Leave a Reply

Your email address will not be published. Required fields are marked *