At the 36th AGM of the BSMA, held on 27th October 2018, the members voted unanimously to adopt a “Charter for an Open and Accountable Building Society Industry”. The Charter is born out of the frustration of one member’s experiences of trying to hold a building society to account. Having spent a great deal of time…

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August 2018 – The BSMA has endeavoured, for a period of eighteen months, to obtain a copy of the Nationwide Building Society’s submission in response to the Government’s Green Paper public consultation on CORPORATE GOVERNANCE REFORM.  The society has repeatedly refused to provide a copy stating that the document is “private”! This is unbelievable bearing…

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August 2018 – Following the increase in the bank base rate of 0.25% the Nationwide Building Society is set to increase profits by increasing mortgage rates by the full amount but, unlike some other building societies, they are not passing on the same increase to savers. Increased profits mean increased bonuses. Guardian Report  

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July 2018 – The directors of this pseudo building society continue to hold their AGMs on weekdays for the benefit of themselves.  This year they just had to pop into the office at the Swindon HQ.  There were 151 members in attendance outnumbered by around two to one by staff. As always the annual report makes…

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June 2018 – The Westbrom Annual Report shows the society is intending to make the annual vote on its remuneration policy a binding vote.  The Westbrom will be the first building society to have a binding vote on pay policy.  Such votes within the industry are advisory only i.e. they are non-binding and therefore serve…

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June 2018 – Thisismoney reports that these two societies are reducing the interest rates on savings accounts once again although, once again, there has been no reduction in the bank base rate. The Nationwide Building Society is reducing its Instant Isa Saver, Instant Access Saver and Smart Saver for children from June 28.  Coventry Building Society…

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June 2018 – James Burton of the Daily Mail reports that Nationwide Building Society chief executive Joe Garner takes £595 in perks every day.  He takes hundreds of thousands of pounds of perks every year on top of £2.2 million in pay and bonuses. Joe Garner enjoyed benefits such as a car allowance and private…

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June 2018 – Thisismoney has advised members of the Nationwide Building Society to use their ballot papers to vote against their fat cat pay.  However votes AGAINST their pay are not binding only votes FOR their pay are binding, which makes their ballots a farce.  That’s democracy for you. We always advise members to vote…

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