As we more and more get used to carrying out our daily tasks using the internet it will pay us to have our policies set - and to stick to them. Buying online is easy and my experience is that delivery is usually very quick.

I also manage a number of bank accounts online. It's so convenient working from your desk keeping track of your finances and moving money from account to account. However, a word of caution, from personal experience this week.

Here in the UK there has been a run on one of our mortgage lending banks and The Bank of England has had to intervene to restore confidence. Before The B o E stepped in we were getting people queuing all day to get their saving out of the bank.

With this particular bank I had invested a significant sum in an online account that can only be operated online. My exposure to loss was about £35,000 - the amount that is guaranteed in the event of a bank failing in the UK is not the full amount of the investment.

In trying to access my account I was continually blocked from logging in. The bank and the UK treasury were putting out statements that those queuing outside branches of the bank and those of us with online accounts could get our money. This was not the case and so nervousness was building.

This nervousness was only reduced when the British Government said it would underwrite all savings accounts. Subsequently I was able to transfer my at risk money.

I think the message therefore is clear. Understand your risks and exposure and act accordingly and good as all of our online activity is there is still the possibility of it not working so legislate for that as well.

Instinct is the nose of the mind.

Best wishes,

Michael Harrison.

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