Stroud & Swindon Building Society
October 2002 – The society has been found in breach of the Banking Code on their 60 day notice account which had been superseded. However, the Banking Code Standards Board (the industry’s own monitoring organisation) oddly claims the society has demonstrated its commitment to the Banking Code!
Our Comment – The Banking Code Standards Board is supposed to be naming and shaming those organisations that fail to comply with the Banking Code. This appears to be more like pleasing and appeasing.
Scarborough Building Society
October 2002 – According to Accountancy Age magazine, Gerald Waterworth, the finance director who stole more than £100,000 from the society and a similar amount from his local Citizens Advice Bureau, was not a member of the ICAEW despite calling himself an ACA. The society had not checked.