COVID-19 – The Impact On Your Savings

We recognise that some of you may have questions about your savings and investments with us following the outbreak of COVID-19. We’re working to provide you with upfront and transparent information to help answer some of the questions you might have about your investments with us. If you still have a question and we haven’t been able to give you the information you are looking for, please get in touch and we’ll be happy to speak to you in person.

Kingston Unity - Governance and Leadership

What does COVID-19 mean for my investments?

At Kingston Unity, we deliver long-term savings and investment solutions for our Members. When we say long-term, we’re talking five years as a minimum, usually longer. When we invest the Society’s With Profits fund, we are seeking a low to medium risk investment with the aim of achieving a return over the long term. We achieve this by investing in a range of different assets, including equities, property, Bonds, Gilts and cash.

It is these fluctuations in market activity that our With Profits fund has been designed to weather and we are very confident that we will remain robust and in good shape throughout these uncharted waters. Many of our products also offer guarantees on your initial investments.

Learn more about our response to COVID-19 here. 

Some answers for you

Below, we’ve tried to answer some of the questions you might have including the impact on future bonuses, your investment protection and payment holidays. If you can’t find the information you need, please get in touch and we’ll be happy to help.

Learn more about our response to COVID-19 here. 

 

Don't keep your concerns to yourself

With everything going on at the moment, it's understandable that you might have some concerns about your savings with us. We are here to help. Our Business Services team are here to chat to you about any issues that you may have and provide you with any further information that you might need.

Please Note: You must confirm you have read the key facts, before downloading this document.

Key Facts about our services and costs

1. The Financial Conduct Authority (FCA)

The FCA is the independent watchdog that regulates financial services. This document is designed by the FCA to be given to consumers buying certain financial products. You need to read this important document. It explains the service you are being offered and how you will pay for it.

2. Whose products do we offer?

We offer products from the whole market

We only offer products from a limited number of companies

We only offer our own products

3. Which service will we provide you with?

We will advise and make a recommendation for you after we have assessed your needs.

You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.

We will provide basic advice on a limited range of stakeholder products and in order to do this we will ask some questions about your income, savings and other circumstances but we will not:

  • conduct a full assessment of your needs;
  • offer advice on whether a non-stakeholder product may be more suitable.

We can only offer products from Kingston Unity Friendly Society. These products will enable you to:

  • protect yourself and your loved ones in the event of death
  • save and invest with the added benefit of protecting yourself and your loved ones in the event of death
  • provide benefit cover in the event of sickness

4. What will you have to pay us for our services?

Normally, if you buy a financial product direct from us, there will be no payments such as commission or fees payable. If there are any commission or fees payable, we will tell you how we get paid and the amount before we carry out any business for you.

5. Who regulates us?

Kingston Unity Friendly Society, 9 Navigation Court, Calder Park, Wakefield, WF2 7BJ is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and .the Prudential Regulation Authority. Kingston Unity Friendly Society’s FCA Registered Number is 110056.

Kingston Unity Friendly Society permitted business is advising and arranging life assurance and pensions business.

You can check this on the FCA’s Register by visiting the FCA’s website www.fsa.gov.uk/register or by contacting the FCA on 0845 606 1234.

6. What to do if you have a complaint

If you wish to register a complaint, please contact us:
…in writing Write to Kingston Unity Friendly Society, Complaints Department, 9 Navigation Court, Calder Park, Wakefield, WF2 7BJ. …by phoneTelephone (01924) 240164

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.

7. Are we covered by the Financial Services Compensation Scheme (FSCS)?

We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.

Most types of insurance business are covered for 90% of the claim with no upper limit.