November 2002 – Tim Tanner, founder of the Mutual Members campaign, is proposing to submit new resolutions and stand for election to the board and is seeking supporters. Please go to www.mutualmembers.com for full details.
Our Comment – Last year’s Portman voting form even beat that of the Coventry for being so blatantly undemocratic. Portman closed two branches and totally ignored protests from local members shortly after proclaiming in its voting documents “The Portman’s commitment to the branch network and the convenient access it provides has never been higher”! See below. Please give your support to this campaign.
A Law Unto Themselves
November 2002 – Richard Dyson in the Mail on Sunday reports on how building society directors are able to remain unaffected by new government rules on fat cat greed -This is Money
Banking Code
November 2002 – The report on the review of this, the industry’s own code of minimum standards, which applies to banks and building societies, has been published and most recommendations have been accepted by the industry. The Code and the Code Guidance (the small print that customers do not see) are still subject to the FSA finalising guidance on the Unfair Terms in Consumer Contracts Regulations. The revised code is due to come into effect on 1st March 2003. Click here for the Review and here for the industry’s Response.
Norwich & Peterborough Building Society
November 2002 – The society has lost its appeal in the High Court against the Ombudsman’s ruling that it should compensate members, who have TESSAs, for not paying interest at the same level as ISAs.
Our Comment – The society should reimburse all members who have been unfairly treated without the need for members to claim.