Scarborough Building Society
August 2002 – Secret society? There is no mention in the annual report of the circumstances surrounding the sudden departure in February of the finance director, G. R. Waterworth.
Our Comment – It is rather odd that members are not considered important enough to be advised of the circumstances. Members need to be assured that Scarborough’s controls and procedures meet the FSA’s prudential requirements.
Nationwide Building Society
August 2002 – Now that the AGM is over and despite a board assurance to the contrary, cuts have been made in savings accounts interest rates even though there has been no change to the bank base rate. The cuts were effective on 9th August but all members have not been advised, so most people will be told well after the event.
Our Comment – Nationwide publicity says they are “open, honest and fair”!