News

June 2024 – The Competition and Markets Authority is to investigate the takeover.  This does not necessarily mean there might be any possible competition problems.  It is simply routine and possibly a sop to those members who complained.  A decision is scheduled for 26 July 2024. Nationwide Building Society / Virgin Money merger inquiry –…

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May 2024 – The battle between a group of members that is trying to exercise the right to have a say on the proposed very expensive takeover of Virgin Money and the board of directors of this society continues.  Baroness Bowles: Nationwide using sneaky tactics to avoid Virgin vote (msn.com) Members continue to believe the advertised…

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April 2024 – A number of members, concerned about the Nationwide board’s proposed takeover of Virgin Money without any input from members, have attempted to present the Nationwide board with a petition signed by 500 members.  The petition asks for a Special General Meeting to be held to debate the proposal.  Needless to say the…

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March 2024 – Nationwide Building Society directors have announced that they plan to takeover Virgin Money.  This will enlarge their empire and their already inflated pay packets.  Virgin Money customers will learn all about unaccountable management and an undemocratic biased voting system at Nationwide. Virgin Money shareholders will be consulted on the deal but building society…

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December 2023 – The Coventry Building Society is in preliminary talks to buy the Co-operative Bank from it owners, a group of American hedge funds.  If the takeover takes place it would return the bank to its mutual origins.  Although its origins did not include the infamous “Quick Vote” used by the directors of the Coventry…

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October 2023 – The directors have decided to throw away more of members’ money on a change of logo.  The change will also reflect the policy of progressively and quietly changing into a bank whilst retaining its mutual status through the inclusion of the word “bank” in the logo.  This follows on from their claim…

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September 2023 – The Nationwide Building Society has found itself among the top of the savings accounts charts.  An unusual position for this society with the highest paid directors.  But the account is only for those members with a current account.  This building society continues its drive to be a bank and follows on from…

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September 2023 – The National Trust has followed the corrupt practice used by building societies to bias their voting system.  The infamous “Quick Vote” trick was first used by the NT in 2022 and is set to continue.  It is sad that the management of yet another once respectable membership organisation and that was once…

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Nationwide AGM 2023 June 2023 – This year the directors have decided to hold the AGM amongst themselves at their Swindon headquarters.  Some members may be allowed to ask questions online.  It will be convenient for them as they will have no need to leave the office and there will be no BSMA members around…

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