mikes1531
Member of DD Central
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Post by mikes1531 on Dec 18, 2013 2:03:45 GMT
On the new SS website, at the bottom of the home page, there's a testimonial from Edward Young, saying...
I didn't realise it was possible to invest ISA money in SS. Has anyone here done that?
SS: If you are reading this, can you please explain how we investors can do this? (I have found no mention of such a possibility on the website.)
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andy2001
Member of DD Central
Posts: 361 
Likes: 34
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Post by andy2001 on Dec 18, 2013 2:25:18 GMT
There's some talk about this on the main thread. It's probobly not possible at the moment. It could be someone said that meaning they took money from there ISA and put it in SS.
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Post by batchoy on Dec 18, 2013 7:17:45 GMT
This testimonial is poor wording by SS and is potentially a illegal as it can taken as financial advice, all be it inferred rather than stated.
The statement can be taken in two ways either that you can use your SS investment in an ISA which I don't believe you currently can or that you can get a better return on your money investing it in SS rather than in an ISA which could be questionable given the differing tax status of ISAs and P2P loans.
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Post by savingstream on Dec 18, 2013 7:32:38 GMT
This testimonial is bad wording by SS and is potentially a illegal as it can taken as financial advice, all be it inferred rather than stated. The statement can be taken in two ways either that you can use your SS investment in an ISA which I don't believe you currently can or that you can get a better return on your money investing it in SS rather than in an ISA which could be questionable given the differing tax status of ISAs and P2P loans. If we had control of our customer's testimony's, we would be able to re-word this. I will suggest a re-wording to the saver to save confusion and see if they are ok with it. It is not possible to invest ISA money is SS I believe our customer was referring to investing the amount he had invested in his ISA.
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Post by batchoy on Dec 18, 2013 7:37:50 GMT
This testimonial is bad wording by SS and is potentially a illegal as it can taken as financial advice, all be it inferred rather than stated. The statement can be taken in two ways either that you can use your SS investment in an ISA which I don't believe you currently can or that you can get a better return on your money investing it in SS rather than in an ISA which could be questionable given the differing tax status of ISAs and P2P loans. If we had control of our customer's testimony's, we would be able to re-word this. I will suggest a re-wording to the saver to save confusion and see if they are ok with it. It is not possible to invest ISA money is SS I believe our customer was referring to investing the amount he had invested in his ISA. I would drop this testimonial completely and steer clear of comparison with other products directly stated or inferred as it puts you in the realm of giving financial advice which is a heavily regulated industry.
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