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Savings platform Governor blames FLS for closure

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  • 08/01/2013
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Savings platform Governor blames FLS for closure
Savings platform Governor Money has blamed Funding for Lending for the scarcity of deals which forced it to stop accepting customers.

The online supermarket platform, stopped accepting new customer applications or providing new funds for fixed-term products in late December.

Existing customers would continue to receive the same level of interest on their purchases and could withdraw funds in the usual way upon maturity, he said.

In a statement, Governor Money, said: “Numerous factors, including the Government’s Funding for Lending Scheme, have had a big impact on the savings market in the past few months which has led to a scarcity of good products to offer. In the long term this ultimately undermines the Governor Money proposition.”

Governor Money chief executive Miles Bingham added: “The Governor Money proposition was truly innovative and unique, so it is disappointing that we are having to take this measure.

“However, given the current savings environment and the reluctance of banks and building societies to offer appealing rates to savers, this has made Governor’s continuation unviable.”

Save Our Savers campaigner Jason Riddle said: “It is very sad that Governor Money, who provided such a useful service to savers, has had to close down.

“This is just another example of the disastrous impact that the Bank of England’s policies are having on savers. By undermining the demand for savers’ money among financial institutions the Bank of England is killing competition in the savings market and starving savers of income.”

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