May 2001 – “Putting our customers first” (not members). The Annual Report and Accounts contains a slight error, despite being voted on and approved and despite the fact that few members saw the report anyway. The “compensation package” for the resigning chief executive was a mere £448,000 not £361,000 as shown in the report.
Our Comment – Unfortunately members, who paid for his leaving present, are not so well looked after as Lambeth rates and terms are pathetic. They have a savings account entitled “High Yield” with an interest rate of 0.72%. But that really is high compared with other accounts that pay an incredible and mind boggling 0.080% on an investment of up to £1,000! The overwhelming majority of members are not made aware of the golden handshake or any other details of moneys taken by the directors.