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HOW MUCH CASH SHOULD YOU LEAVE IN THE BANK? The SVB & CREDIT SUISSE crisis | Blacktower
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Oct 29, 2024
HOW MUCH CASH SHOULD YOU LEAVE IN THE BANK? The SVB & CREDIT SUISSE crisis and its impact on the financial markets is explained by Christina Brady from @blacktowerfinancialmanagem7049 Also there's news on UK Pensions following this week's budget and what you should you be looking out for while investing at the moment. For any enquiries contact info@blacktowerfm FAO Christina or get in touch through the website: www.blacktowerfm.com Be sure to Like and Subscribe to our YouTube channel for more insights from BayRadio Spain, and follow us on Social Media: Website: http://www.bayradio.fm/ Facebook: https://www.facebook.com/BayRadioInSpain Instagram: https://www.instagram.com/bayradiospain/
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0:00
we specialize in protecting preserving
0:02
and growing your wealth Black Tower
0:04
financial management the team you want
0:06
by your side visit blacktowerfm.com so
0:10
16th of March we're at 20 into the year
0:12
and it's a Thursday which is an unusual
0:14
one because we're talking to Christina
0:16
Brady from Black Tower financial
0:17
management I've been calling this an
0:19
extraordinary appearance from yourself
0:20
because well it's you know not
0:22
everything can hit a schedule when
0:24
there's the financial markets we're
0:25
talking about and there's been news this
0:27
week
0:28
um it's it's mostly the banks right I
0:30
mean I was aware of the initial bid and
0:32
why we set this up was the initial uh
0:34
collapse of the banks in the states
0:35
especially the Silicon Valley Bank but
0:38
it's more than that right it's going on
0:39
it is on Friday we learned that there
0:42
was three banks in the U.S that were
0:46
shut down and the biggest one of those
0:48
was the Silicon Valley Bank which was
0:51
one of the US's top 20 banks in assets
0:54
and it's the second largest banking
0:56
failure in the US history after Lehman
0:58
Brothers in 2007.
1:02
um now Silicon Valley Bank was quite New
1:04
Year unique in the fact that it was
1:07
obviously in Silicon Valley and its
1:09
customers were a cash Rich tech
1:12
companies so what they did was startup
1:15
companies when they start up they get
1:17
lots of investment from investors and
1:19
they put that all in a bank and they
1:21
keep it there until they need it so it
1:24
wasn't due this failure isn't due to
1:25
credit issues or poor lending it made no
1:28
loans whatsoever but what it did was it
1:30
had so much cash on its bank balance
1:33
sheet it had to do something with it
1:35
so it invested it in elongated US
1:38
government bonds which I think were 10
1:40
years long and uh at the time when it
1:43
invested the interest rate it was
1:45
getting was just over one percent
1:47
which at the time seemed very very good
1:49
however as we know since then inflation
1:53
has risen and now on bonds you get four
1:55
or five percent so what it means is that
1:58
you are not the bank had invested its
2:01
money in something that was not giving
2:02
it a good return
2:04
so it meant that people started to worry
2:08
um that it couldn't uh pay its that it
2:11
couldn't get the money if they wanted to
2:13
get the money out
2:15
um and so what happened was
2:17
um people did come and try and get their
2:19
money out
2:20
and it became very very difficult for
2:22
the bank so what they had to do was they
2:25
they decided they had to close down and
2:29
um they weren't bailed out okay someone
2:32
came in as a bit of a rescue wasn't I
2:34
think HSBC came in for the UK Army
2:37
that's different in the U.S
2:44
within the guarantee because each
2:45
country has Bank guarantees okay and in
2:49
the US it's 250 000
2:52
in Europe it's a hundred thousand Euros
2:56
and in the UK it's 85 000 pounds that's
2:59
per Bank per client so if people had
3:03
over there they were going to lose that
3:04
money okay so people started withdrawing
3:07
their money so they took their money out
3:09
and uh so the US Regulators said we are
3:12
not going to
3:14
um
3:15
do a bailout but they would honor people
3:18
up to the guaranteed amount okay so that
3:21
was that one but obviously it's a huge
3:23
one and then on the back of that we had
3:25
silvergate and Signature Bank had where
3:28
they were more involved in
3:29
cryptocurrencies okay so what they did
3:32
was they opened a uh it created the
3:35
first 24 7 payment Network for crypto
3:38
clients and so what that meant is uh
3:40
people had cryptocurrencies they could
3:42
go to this bank and they could get cash
3:44
instead of it okay and there's still a
3:48
bit of Doubt over why the U.S government
3:50
closed this Bank down on Sunday because
3:52
apparently there was no insolvency
3:55
issued and it had good fundamentals okay
3:58
and it had 16 billion dollars on deposit
4:01
for digital clients but they just felt
4:03
that they didn't have enough money to
4:04
pay out if everyone come came to them
4:06
and another U.S bank which was um
4:09
dealing in cryptocurrencies that was
4:11
silver Bank
4:12
Signature Bank sorry and that originally
4:15
started up as a bank for real estate and
4:18
the legal industry and it and it moved
4:21
towards
4:23
cryptocurrencies yeah
4:25
um and again what they've done is they
4:28
have done a voluntary a voluntary
4:31
um close down so what they've done is
4:33
they've gone for uh
4:35
um they've closed down and what they've
4:37
said that voluntary liquidation
4:39
and it's due they're saying to the
4:41
collapse of the crypto FTX exchange but
4:44
it means this one there will be a full
4:46
full repayment of deposits now on the
4:49
back of that we had a very very volatile
4:51
trading day in the markets yesterday yes
4:54
you could say
4:55
um to say the least
4:58
um that's all I could say it was
5:00
unbelievable mostly on banks but the
5:02
ftse was down nearly four percent by the
5:04
end of the day but we did see a huge
5:07
huge fall in One bank which is Credit
5:09
Suisse which is the second largest bank
5:11
in Switzerland now this shouldn't have
5:13
been a shock to most people because
5:14
Credit Suisse has been in trouble for
5:17
quite a while it's had scandal after
5:19
Scandal but it shares fell by another 20
5:23
percent one percent yesterday before
5:25
they halted traded in its shares and
5:27
what happened was its largest largest
5:30
um of backer which was Saudi National
5:33
Bank refused to give Credit Suisse more
5:36
money so what's happened is overnight
5:38
Swiss National bank has intervened and
5:41
it's give them a 54 billion loan to prop
5:45
it up and the shares have recovered this
5:47
morning in Credit Suisse they've gone
5:49
back up I think I've just read that they
5:52
had gained I can't remember how much
5:54
it's got up again I think it's a gun
5:55
they've gone up 40 from their lowest
5:57
point yesterday
5:59
um but yes they did affect the whole
6:01
banking sector so if we look at the
6:03
figures for other Banks if you if you I
6:05
don't know if anyone's been keeping
6:06
track of them but you would have seen
6:08
that European Banks were hit the worst
6:11
most of them fell by up to 10 Deutsche
6:14
Bank fell by nine percent we have BNP we
6:16
had Commerce Bank and in the UK UK Banks
6:19
were affected as well Barclays was down
6:21
over eight percent NatWest over five
6:22
percent uh Morgan Stanley was over six
6:25
percent it's affected all the banks
6:28
um now what's happened because the
6:30
Credit Suisse have been bailed out it
6:33
has meant we've seen the footsie Rising
6:35
this morning so what we're seeing is the
6:38
footsies gone well it had gone up over
6:40
one percent it's come back down now
6:41
actually it's not up very much
6:43
um but there have been the banks stocks
6:46
have come back up slightly so uh the
6:49
British get banks have gained an average
6:51
of two percent they're still down and I
6:54
think what people need to do is and I
6:56
did phone a couple of clients yesterday
6:58
that I know have large deposits in Banks
7:01
remember
7:02
in Europe you are only guaranteed a
7:06
hundred thousand Euros and that's only
7:07
if you have a current account or deposit
7:09
account not if you have any investment
7:11
like a fundo etc so if anything happens
7:14
to those Banks and you've got more than
7:16
that money in there you will lose
7:18
everything above that amount and the
7:21
same goes for British Banks if you're in
7:22
Barclays or NatWest if something does
7:25
happen
7:27
um and you know you they like in the US
7:29
they agree to honor deposits it will
7:32
only be up to the amount you are
7:35
guaranteed and the UK is 85 000 per
7:38
person so if you have a joint account
7:40
obviously it's double the 85 000 and
7:43
remember most banks in the in the UK are
7:45
linked so if you're in Halifax and
7:47
lawyers you're basically with the same
7:49
bank so it's only per parent bank so
7:53
people need to be very very careful I
7:55
mean it's probably hard to say but what
7:57
are the chances of um Banks like
7:58
Barclays and Lloyd's being being
8:00
affected and getting into trouble again
8:03
well it's very difficult to say no one
8:05
expected Lehman Brothers to collapse
8:06
right but you say credit someone like
8:08
Credit Suisse had been in trouble for a
8:10
while Credit Suisse had been in trouble
8:12
and what I would suggest to people is
8:15
this has affected all the banks but once
8:17
this dies down keep an eye on your
8:19
bank's share prices if it seems to be
8:22
falling more than other bank share
8:23
prices then I think I would be worried
8:27
if I had more than the you know the
8:29
amount in the banks I'd be worried
8:30
anyway if I had more than that amount in
8:32
the banks at the moment and you could
8:33
look up you know if you see any
8:35
headlines about your bank that seem to
8:37
be out of sync with what they're saying
8:39
about other Banks we had this in Spain
8:41
when they had to bail out can bank and I
8:44
had to bail out bank here
8:46
Etc and what they're worrying about at
8:49
the moment is um there is the growing
8:51
fears in the U.S of a recession I know
8:53
Mr Hunt yesterday in his budget said
8:56
that UK inflation will be down to
8:58
between three and four percent by the
9:00
end of the year I'm sorry that's a load
9:01
of ball there is no way that's going to
9:04
happen the US is basically technically
9:06
in recession and now the Wall Street and
9:10
the experts are worried that that is
9:13
going to be a reality and it's going to
9:14
be published it looks like the FED are
9:16
expected to raise interest rates next
9:18
week which is worrying because then it
9:20
puts more pressure on the banks it they
9:23
cut with they're sort of stuck behind a
9:24
rock and a hard place they're not sure
9:27
you know what to do for the best at the
9:29
moment
9:30
um it is a very very difficult time I
9:33
think people need to be patient but I
9:35
think these people need to be wary
9:37
I had someone foamy issue not a client I
9:40
hate centered who has a pension with uh
9:43
Zurich
9:44
and he was very worried because
9:46
um he checks the pension value every day
9:48
which I'd advise nobody should do not to
9:50
check their Investments every day or it
9:53
will give you a heart attack and he said
9:54
oh my God they've fallen so much I said
9:56
yes I said have you looked at the market
9:58
and he went well how does the market
10:00
affect my pension and I I think people
10:02
need to understand pensions invest your
10:05
Pension funds unless it's a UK State
10:07
Pension or a state pension in the
10:10
markets they have to to get a return to
10:13
make your pensions grow so if the
10:15
markets are volatile and full your
10:17
pensions will fall and he was going oh
10:18
should we pull out all the money well
10:20
firstly no because your tax bill would
10:22
be huge you know in the UK you're
10:24
talking about 40 in Spain and in Europe
10:27
most probably more if you pulled all
10:29
your money out of your pension secondly
10:31
you have to understand that markets are
10:33
volatile they do go down as well as I
10:36
think people tend to think only if the
10:38
good times when things have gone up
10:39
remember 2007 2008 the huge dip them
10:43
remember March 20 when we saw the
10:46
markets fall nearly 40 overnight but
10:48
they do recover and the people it
10:50
affects are people that are taking their
10:53
pension now that have invested it and
10:56
need a fixed income because you may now
10:58
be eating into your Capital if the
11:00
amount of income you're taking out is
11:02
larger than the growth you're getting
11:04
and obviously if the markets are falling
11:06
it's highly unlikely that your
11:08
portfolios are actually making any money
11:10
so if you don't need to be taking money
11:12
out of your Investments or your pensions
11:14
and you're just taking it as extra
11:15
income it may be a good time to pair
11:18
that back and say look do we need this
11:20
money do we need as much could we cut
11:23
back slightly further short term until
11:25
the markets recover we'll have to wait
11:27
and see what happens with the markets
11:29
about this but the the news that this
11:31
Swiss Central Bank did step in to shore
11:35
up Credit Suisse is a good sign
11:38
we just have to wait to see I think what
11:40
people were worried about was contagion
11:42
and I think that's something that
11:44
happened and last time when something
11:45
happens to One bank and it has a
11:46
knock-on effect I think in the US we had
11:49
you know two sort of separate things we
11:53
had the banking with uh obviously
11:55
Silicon Valley which was with startup
11:57
companies which is not your normal bank
11:59
and then we had the other two that were
12:01
dealing cryptocurrencies there was first
12:03
Republic in America did have problems as
12:07
well
12:08
um but other Banks stepped in to shore
12:10
it up so the fed and Dopey Morgan give
12:12
it gave it 70 billion this was First
12:14
Republic Bank to stop it being under
12:18
pressure so while the FED said it is not
12:21
prepared to bail people out I think if
12:23
push comes to shove it will and in the
12:25
UK as we saw followed discussions over
12:28
the weekend HSB announced it had
12:31
acquired Swiss Silicon Valley Bank in
12:34
the UK for one pound so what it did was
12:38
it broke up bought over the operations
12:40
of it and the UK operations had 6.7
12:43
billion because it's 5.5 billion of
12:45
loans and three point uh what just over
12:49
3 000 of clients and most those clients
12:52
were startup companies as I said
12:54
venture-backed companies and funds the
12:57
bank of England had warned that
13:00
um it already warned them that they
13:02
didn't have enough in place in case of
13:04
insolvency and the government said it
13:07
did not want any public intervention in
13:09
order to protect depositors so HSBC has
13:12
jumped into but that did mean that HSB
13:15
shares actually fell the most yesterday
13:18
um you know most of them were down about
13:21
uh 10 as I said but HSBC fell nearly 20
13:25
percent right because they took up they
13:27
took on some debt I suppose and took on
13:29
this yes they well they took on a huge
13:30
liability so that did impact HSBC HSB
13:35
shares yesterday I have to say I don't
13:36
know I don't know whether it was that
13:37
bit of news or whether there was some
13:39
other mini rescues elsewhere but um the
13:40
old cryptocurrency enjoyed some news
13:42
following the Silicon Valley Banks it to
13:44
really took off it right because it had
13:46
dropped the week before about 10 or
13:48
something but over that couple of days
13:49
from Sunday evening
13:51
um through maybe to Tuesday it went
13:53
right up back over and now he's gone
13:55
back down I think they're down about two
13:57
percent so far this morning it's kind of
13:59
settled down but it's um yeah it was
14:00
quite the it was quite the jump nut so I
14:02
think a lot of people enjoyed that
14:03
watching that for a change I think if it
14:05
if if I think if I was someone I think
14:07
if it had jumped that much I always
14:08
probably would have cashed him if I
14:10
could quite a lot of my position yeah I
14:13
have to say I did I did the medication
14:15
coming out from the markets yeah um you
14:19
know it is worrying it's worrying for
14:21
everyone
14:22
um but as I say if you take the proper
14:24
precautions and you make sure that you
14:27
are not over the guaranteed amount in
14:29
your bank accounts and remember you've
14:31
got to combine your current accounts
14:33
with your deposit accounts okay you
14:35
don't get a hundred thousand for in or
14:38
in the UK 85 000 for a current account
14:40
and 85 000 for a deposit account it's
14:42
your Banks it's your account within that
14:44
bank in total I see yeah okay and if
14:48
you've got a joint account as I said you
14:49
you get double that amount uh I think
14:51
people need to be careful there if you
14:53
have got more than that money in the
14:54
bank obviously don't take it out and put
14:56
it onto your bed that is really not a
14:58
good thing to do or keep it in a shoe
15:00
box somewhere God figured you'd get
15:02
broken into or your house catches fire
15:04
or something like that you've lost all
15:05
your money you can look at investing I
15:08
know the markets are volatile but
15:10
there's some low risk investors out
15:11
there and what people need to understand
15:13
is if you put it in a investment
15:16
especially in Spain you're going into
15:18
what's called an insurance wrapper what
15:21
it does it gives you a small amount of
15:23
Life assurance and these companies are
15:25
managed completely different to Banks
15:28
okay when you give your money to Banks
15:29
Banks lend out that money in the way of
15:31
mortgages loans Etc effectively you've
15:33
given your money to the bank when you
15:35
put it in an investment with one of
15:37
these companies it goes into a custodian
15:40
account in your name and your name alone
15:42
it's not in the company you invested
15:44
with say it's Prudential or or Zurich or
15:48
anyone else it's in an account in your
15:50
name and that is ring fence for your
15:53
benefits so God forbid the insurance
15:55
company or that bank go down the
15:56
creditors cannot get that money because
15:58
it is your money so the risk you have
16:01
got is the markets going up and down but
16:03
as we know with Market volatility they
16:05
may go down but they usually come back
16:07
up so people that have been wary of
16:09
investing please please I would urge you
16:12
to get in touch hopefully with Blacktail
16:14
and we can talk you through the
16:15
differences between Banks and
16:18
Investments and give you that little bit
16:20
of Peace of Mind diversify your risk and
16:22
I know we say that about diversifying
16:24
investment portfolios but diversify your
16:27
Asset Risk so you should never have all
16:29
your assets in something that is
16:31
illiquid like property because if you
16:33
need cash you can't get it but if you
16:35
have most of your money liquid in a bank
16:37
you need to think about changing your
16:40
strategy and diversifying that risk
16:43
we'll have to see how the rest of um the
16:46
rest of this week
16:47
um pans out but investors are braced as
16:51
this is increasing fears of recession as
16:54
I said the UK US is a civilian that
16:57
recession is it is technically there
17:00
um it and hopefully it you know and it
17:03
may be made official in Europe we're
17:04
looking at the same sort of thing you
17:06
know if you look around Europe is
17:08
technically in recession you know saying
17:10
that it's
17:11
0.03 not in recession is is not the same
17:15
we all know and inflation is still going
17:18
up consumer prices are still Rising so
17:21
for the chancellor in the UK to come out
17:24
with such a bold statement to say that
17:26
he feels inflation will be down to three
17:28
four percent by the end of the year I
17:31
think is quite fanciful I hope he's
17:33
right I hope he's right I would say
17:35
we're looking more towards the end of
17:37
2024 maybe into 2025 as I've said in my
17:41
when I talked to you on Tuesdays I felt
17:43
this year was going to be very volatile
17:45
and and when I came on and everyone was
17:47
really happy because the footsie had it
17:49
hit 8 000 I did caution people and I did
17:52
say that I felt it would go back to
17:54
around about seven five even seven
17:56
thousand and then if people felt like
17:58
playing the market maybe going to a
18:00
footsie tracker and hopefully it would
18:02
go back up and today the footsie is at
18:05
seven three eight seven so it's gone
18:07
down dramatically from the 8 000 so if
18:10
people were buoyed by that news and they
18:12
went into the markets and they bought a
18:14
foxy tracker eight thousand they have
18:16
now lost a considerable amount of money
18:19
and I think that's where people need to
18:21
be wary people tend when the markets are
18:24
looking good when the they're up to
18:26
invest the best time to invest is when
18:28
the markets are down because then you've
18:31
got the upside to come
18:33
um yesterday with the big Falls I mean
18:35
you mentioned uh the the chat with his
18:37
pension which would be a good example
18:38
because as you said that money gets
18:40
invested people would have been tracker
18:43
have an index tracker yesterday so
18:45
they'd have seen that fall
18:46
what about individual Bank shares do
18:48
they make up many people's portfolios or
18:50
some in there no
18:52
most people would not at the moment I
18:55
hope have a fund that was invested in
18:57
banking shares
18:59
um for I think most people are wary
19:01
about them
19:02
um we know that uh banks have a lot of
19:05
off balance sheet um stuff which is
19:08
basically debt so we've got things like
19:11
um derivatives that are not on the
19:13
balance sheet which are have a huge
19:15
amount of debt I think no one would have
19:17
gone fully into the banking sector I
19:19
hope no one has
19:21
um it would be very very foolish
19:23
obviously if you have some funds some of
19:26
them may be and have invested slightly
19:28
in banking but that would have been
19:29
hedged off against other things so so
19:31
hopefully you haven't taken a huge hit
19:33
however if you'd invested most of your
19:35
money in say
19:37
um banking shares so say the banks were
19:39
paying a good dividend like HSBC or
19:42
Santander or Barclays and you put all
19:45
your investments into banking shares to
19:47
get the good dividends you will still
19:48
get the good dividends but your actual
19:50
holding will have fallen significant
19:52
quickly and that's what I say to people
19:54
when you look at buying things that are
19:56
paying you a good dividend you will get
19:57
that income every year as long as they
19:59
keep paying the dividend however you
20:01
have to still remember that your initial
20:03
holding like anything can go down as
20:05
well as up and for people that have
20:07
banking shares at the moment they will
20:08
have gone down significantly and my
20:11
advice is to hold them and to write this
20:14
out especially if you are receiving a
20:16
good dividend on them please no need
20:18
your reaction That's What markets love
20:21
because it means that the big people can
20:23
go in and buy stuff really really
20:25
cheaply because sadly some people have
20:28
reacted and sold out when the markets
20:30
are low if you sell out when they're low
20:32
you're actually crystallizing your loss
20:35
you're actually making it a physical
20:37
loss if you don't and you hold on it
20:40
will come back it's a paper loss at the
20:42
moment please remember there is a
20:43
difference
20:44
if you are heavily invested in Banks
20:48
check what banks you're invested in
20:50
please if it's through an advisor call
20:53
up that advisor and ask them what your
20:56
exposure is and how those banks are
20:58
doing and you know and what their
21:00
financials look like and maybe you will
21:03
need to take a loss and switch into
21:05
something that isn't so volatile but as
21:07
I said hopefully no one out there has a
21:10
Investment Portfolio purely in banking
21:13
stocks so I wouldn't have thought so so
21:14
it was um the chancellor was on his feet
21:16
yesterday did we mention in there about
21:18
the pensions and what would have been oh
21:20
yes we're just going to quickly touch on
21:22
pictures right there used to be a
21:23
lifetime allowance on pensions so it
21:25
meant your pension pot could only grow
21:27
to just over a million and after that
21:29
you got tax
21:31
what the chancellor did yesterday was he
21:33
scrap that and the main business that
21:36
some financial advisors did was
21:38
something called curots which is a
21:40
qualified recognized overseas pension
21:42
scheme and when people got near the
21:43
lifetime allowance they were advised to
21:45
move into a curios because that was not
21:47
subject to the UK lifetime allowance
21:49
because it was not UK based now
21:52
effectively overnight he has wiped out
21:55
that business because there is no reason
21:57
unless you don't want to have any
21:59
connections with the UK to move into a
22:02
curops
22:03
however saying that he has scrapped the
22:06
lifetime allowance however if there's a
22:09
general election and say labor get in
22:11
there is no guarantee that they will not
22:14
reinstate that lifetime allowance on
22:16
pensions so whilst at the moment it
22:19
looks very very good to keep your
22:22
pensions where they are please be
22:24
realistic and realize if a new
22:27
government gets in they can reinstate
22:30
that lifetime allowance literally
22:31
overnight the same as his scraps I see
22:34
okay I'm not sure they would because it
22:36
would be
22:37
politically not viable but they may
22:40
bring it back at a certain level rather
22:42
than scrapping it all together
22:44
so be wary but if you've just done a q
22:46
rocks and you were near the lifetime
22:48
allowance maybe it's time to think about
22:50
putting that on hold if it's not going
22:52
to cost you anything and just wait and
22:54
see also the UK government has extended
22:57
its deadline for topping up UK State
22:59
pensions now that was meant to run out
23:01
they've extended it to the 31st of June
23:04
23 to give taxpayers more time to fill
23:07
in their National Insurance gaps okay
23:10
and there are certain websites that you
23:13
can get
23:14
um in look at you can look at your
23:16
National Insurance record you can see
23:18
the state pension forecast and I'll send
23:20
that information through to Bay radio so
23:22
they can post it so you can look it up
23:24
perfect okay
23:26
is it about 2004 or 2006 I think as far
23:30
back as you can go yes
23:31
yes it wasn't your whole life there's
23:33
always gaps in the National Insurance
23:34
records from April 2006 onwards now has
23:38
more time to decide whether to fill
23:41
those gaps and boost their UK Cent
23:43
pension so it depends on your
23:46
um complete years between 2006 and 2016
23:50
and it will give you more money when you
23:53
retire and please look into it because
23:55
for some people it is very very
23:57
worthwhile doing and I mean it you know
24:00
it is other people not so much but
24:02
please I will get that to Bay radio
24:04
hopefully later today and then we can
24:07
get that sorted and just one thing
24:09
before we go
24:11
um my head office has issued a fraud
24:13
notice to me and black Towers become
24:15
aware that of certain fraudulent schemes
24:18
that have been conducted by individuals
24:20
organizations claiming to be Black Tower
24:22
Group now I don't know if that's because
24:24
at the moment we are very very
24:25
successful expanded but they are what
24:29
they're doing is they are setting up
24:30
bogus website so social media accounts
24:33
and send to people unsolicited mails and
24:35
text messages and they're using the
24:37
Black Tower logo and they're using other
24:39
company information without permission I
24:42
have to add and the floral Doom websites
24:44
have no association to Black Tower and
24:46
what they are is one of them is Black
24:48
Tower FM and it's um Dash cfd.com
24:54
blacktowerfm.live now R1 is Black Tower
24:57
FM for financial
24:59
management.com that's it okay if you
25:02
have any of you receive any messages or
25:04
anything that's suspicious please let us
25:06
know and we'll check into it but just
25:07
the warn people that's been brought to
25:09
my attention as well but as I said
25:11
before with banking just check what you
25:13
have in the banks and please if you can
25:15
manage the amount you have in the banks
25:16
if you need any advice please call Black
25:18
Tower if we're not there you will get a
25:21
message we will come back to you or send
25:23
an email to info at the Black Tower FM
25:26
for financial management.com put Bay
25:29
radio attention Christina it will come
25:31
through to me I I am out seeing clients
25:33
today and tomorrow but when I get back
25:35
in the evening I know it sounds really
25:37
sad I do go through my emails yeah well
25:40
money never sleeps and all that and
25:43
while I may not phone you at 9 10
25:45
o'clock at night I will take note and if
25:47
I don't phone you today or tomorrow I
25:49
will phone you as soon as possible and
25:50
if it's urgent I'll try and get back to
25:51
you as soon as possible or one of my
25:53
team will you have to remember that
25:54
Black Tower is not just the one person
25:56
it's not just me there's seven other
25:58
financial advisors in my team and my PA
26:01
and some admin assistants so you know
26:04
it's it's a large group we've been going
26:06
40 odd years we've got hundreds of
26:08
financial advisors and we're all to here
26:11
to help you if you can so please I know
26:13
it's a worrying time
26:16
um for people with bank accounts with
26:18
pensions with Investments but please no
26:21
need your reaction just sit tight and if
26:23
you do have any questions if you do need
26:25
help rearranging your assets please just
26:27
get in touch that's what we're here for
26:29
we're here to help you great I was going
26:31
to ask you if you want to if this was
26:32
like a normal one we just did it all in
26:34
one hits that's fine it's going to be
26:36
covered everything because I have got to
26:38
go out in a minute to go and see clients
26:40
so sorry about that sorry to get it all
26:42
through in one here but as I said please
26:44
people I know it is worrying it's
26:46
worrying for me everyone has pensions
26:48
everyone has you know hopefully you know
26:50
people have pensions like or Investments
26:52
or money in bank accounts it worries us
26:54
all
26:56
um and we are powerless to stop this as
26:58
I said the Central Bank of Switzerland
27:00
has stepped in to stop the rot hopefully
27:02
it created sleece and in the US they've
27:05
guaranteed deposits up to a certain
27:07
amount but please you've got to do some
27:09
work yourself you've got to start to
27:10
look after your own assets your own
27:12
money and work from there yeah okay so
27:14
all that in the budget yesterday and of
27:16
course the old British tradition is to
27:17
look at cigarettes and alcohol price of
27:19
a pint Frozen on alcohol wine and
27:22
spirits up a little bit but not beer I
27:24
couldn't I couldn't believe that I know
27:25
everyone's gonna have beer bellies
27:27
aren't they that's really good it's to
27:28
help the pubs I think in their trouble
27:29
we're gonna have to go anywhere else
27:30
I'll speak to you on Tuesday thanks ever
27:32
so much for that today okay thank you
27:33
very much thank you Christina Brady from
27:36
Blacktown with financial management
27:37
blacktowerfm.com the only website you
27:40
need to go to listening and exceeding
27:42
expert rotations for over 31 years Black
27:45
Tower financial management the team you
27:47
want by your side visit blacktowerfm.com
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