October 2001 – This self styled ‘”consumers’ champion” was brought to book by a genuine consumers’ champion in the form of the Daily Telegraph’s Jessica Gorst-Williams who investigated a case where Nationwide was imposing two mortgage early redemption penalties on a member. The sums involved were £11,441 and £20,389. The newspaper reports that Nationwide insisted it had every right to impose two charges but, after failing to find a document that agreed to the charges bearing the member’s signature, finally and reluctantly agreed that the society’s management was wrong and had to refund the £20,389 to the member.
Our Comment – Jessica’s warning here is be careful what you sign or the “consumers’ champion” will sting you.