Hello. Crail is a lovely wee seaside village in the East Neuk of Fife. Starting roughly from the Golf-Disneyland-on-Sea otherwise known as St Andrews, the East Neuk comprises the face of a Westie terrier which is the map of Fife (you’ll never unsee it). It has a scenic coastline running from the eyes to the end of the chin. Crail sits just underneath the nose.
The towns and villages in the East Neuk have that gentle feel seaside town are supposed to have. Yes, there’s Americans. Yes, there’s golfers but not on the same scale as Golf-Disneyland-on-Sea.
I was up there the other weekend, taking lend of a caravan which had a lovely wee veranda with a sea view. On the Friday it was blue sky and sparkling sea, Saturday there was an atmospheric morning haar. Discounting my father’s obsession with the varying degree of intricacies of campervan awnings and amazement at the “monster fuchsias” that peppered the coastal vegetation (I can confirm a few were pretty large), it was pretty peaceful. On our COO Sam’s recommendation I went to a nice – albeit expensive – pottery shop.
There is essentially no phone signal, which for the most part was exactly what the doctor ordered. A flurry of notifications could be acknowledged as they found there way in on some broadband magic carpet and then swiped away; there were monster fuchsias to admire after all.
However, amidst all this, it was not especially pleasant to receive a text message Friday teatime from [redacted ‘digital first’ bank] informing me that a current account had gone into overdraft. I had been enjoying a nice pint of 70 shilling (for more on that read this Newsround) when the notification forced its way through.
It was also pretty surprising: this was not an act of out-of-control spending, this was a notification from an account that – as of 24 hours previous – was not supposed to exist, having initiated a current account switch from [redacted digital first bank] to Monzo. They had informed me the switch had completed that Thursday and the previous account would be closed.
I huddled in the corner of the single part of the pub that got reception and checked the app to find the account was indeed a whole £4.70 in debit.
Back in Leith on the Monday evening, I was informed I’d have to transfer the funds to close the account and now a member of the customer relations team was attempting to prevent me from raising a complaint.
In my ignorance I asked why had they transferred everything else bar a couple pending payments. He explained joyfully they don’t transfer over pending payments, they set money aside out of your balance before it goes over. I then asked why didn’t they do that.
“Let me just speak quickly to the switching team.”
After a quick tete-a-tete with the switching team, he told me they needed to speak to a senior member of the switching team to get a proper explanation and inquired if I was happy to receive a call back tomorrow. Translation: give us time to explain without using the phrase “our fault”.
Tuesday afternoon I’m offered the same explanation, to which I replied I didn’t really understand why I was responsible for fixing their mistake, resulting in said digital first bank agreeing to cover the balance and close the account, which has since happened.
So a brief overview which points to areas to work on when something inevitably goes wrong:
The Mistake itself: while bad in principle, one of those you can file under “definitely should never happen, but will at some point because <people>, so should probably be prepared for it.” – 1/10
The Time: On the whole call times were prompt. First call session was half an hour (which included extra security), the second was 15-20 mins. Handlers were quick and to the point. Negative points for making me wait a day to tell me something they’d already told me 6.5/10
Call service: Everybody was very professional. They had to follow a script, but were informed and quick to go to other teams to find out information. They are easier to reach than other banks outside usual hours, but negative points for telling me that while I was making a complaint.I didn’t have to apply much pressure to get them to agree to cover it. 7/10
In short, when mistakes are made that shouldn’t be, it helps to do the following:
- Be easy to reach
- Have informed and friendly call handlers
- Do not try to sell yourself on something irrelevant while a customer is making a complaint
- If you promise you are going to take time to get information, either get the information or have a good explanation of why you couldn’t get the information. Do not tell them something you have already told them.
God, I make it sound so easy. I should charge for this.
The News:
LANG CAT & CLIENT MENTIONS
Women in Financial Advice Awards 2026: Shortlists revealed!
Nat and Jenny have made the shortlist.
Source: Professional Adviser
The Mills Review is a growth memo for advisers, not a threat
An Advice Gap mention.
Source: IFA Magazine
AI will help advisers work smarter, but it cannot replace their judgement
SOTAN mentioned.
Source: Mortgage Introducer
Cushon: Meeting the adequacy challenge in a changing DC world
Cushon’s Steven Watson muses on pension adequacy and decumulation.
Source: Pensions Expert
Mobius’ James Finch: Tokenisation industry is asking the wrong question
Source: Investment Week
Why Morningstar Wealth’s CIO is fighting investment hierarchy
Source: Citywire WM
China’s making a comeback. Should investors pile in?
7IM’s Ben Kumar gives his assessment on China.
Source: The Times
ISA reforms: Complexity risks undermining government’s investment ambitions
Nucleus’ Andrew Tully takes aim at plans to charge on cash held on stocks and shares ISAs.
Source: Professional Adviser
‘We all need advice, preferably face-to-face’
The latest in the series ‘Advice will always be human’ from Saturn Studios.
Source: FT Adviser
PortfolioMetrix’s Alex Funk: Volatility is the price of admission
Source: Investment Week
What the decumulation shift means for advice firms, and how the best are responding
From Andy Zanelli of Aberdeen Adviser.
Source: Professional Adviser
ADVISERS
The advice firm getting leads from Daily Mail and Times readers
Though not the Morning Star. Curious.
Source: Citywire NMA
Advisers say ‘confused’ ISA reforms won’t boost investing
This remains unpopular.
Source: Citywire NMA
Advisers still avoid in-specie transfers over platform delays
Advisers versus transfers – a tale as old as time.
Source: Citywire NMA
Hundreds of new financial planners coming through PFS initiative
PFS doing New Blood style things.
Source: FT Adviser
PROTECTION
FCA’s push to improve products ‘can only be good’ for protection
Protections and regulation crossover episode.
Source: FT Adviser
REGULATION & POLICY
HSBC to roll out targeted support later this year
Another bank takes up the mantle.
Source: Professional Adviser
Buy Now Pay Later rules to bring refunds and rejections
BNPL to be regulated by the FCA.
Source: BBC News
TECHNOLOGY
Iress: ‘Monolith’ tech providers are a risk to UK wealth management
Source: Citywire WM
PENSIONS & RETIREMENT
Pensions minister: change at the top will not delay pension reforms
Everyone’s favourite pensions minister tries to reassure ahead of Andy Burnham becoming prime minister.
Source: FT Adviser
TPR data reveals trends in £200bn master trust market
The data shows 25 master trusts have invested a total of £5.3bn in unlisted UK private markets.
Source: Financial Planning Today
TRADE & ECONOMY
Andy Burnham explores holding expanded autumn Budget
Just had a flash of the future – October looks like it might be busy.
Source: FT
UK economy returns to growth as Andy Burnham era begins
A whole 0.1 %.
Source: The Times
Global tech stocks fall as AI trade goes into reverse
Boom.
Source: FT
CRAZY CAT STORIES
Why do cats lick each other? They’re passive-aggressive bullies
Divas.
Source: The Times
OUTSIDE THE TRADE
Boaty McBoatface to dive into dangerous waters on ‘Bond-like’ mission
In case you’re wondering – that public poll was ten, yes, ten years ago.
Source: The Times
Sean McKinven is PR account executive at the lang cat
