November 2015 – The Council of Mortgage Lenders has published figures from banks and building societies that show the number of buy-to-let mortgages taken out by landlords to purchase properties rose in the summer to its highest level in seven years. Between July and September 33,600 new mortgages were taken out for property purchases. Granting buy-to-let…
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November 2015 – Joe Garner the chief executive of BT Open Reach is to leave after just two years in the job to replace Graham Beale, chief executive of “Your” Nationwide Building Society in the spring of 2016. Joe Garner was previously the UK head of HSBC again for just two years after rising through the…
October 2015 – A former head of OFCOM has suggested, as part of a review yet to be completed, that there should be a reduction in the number of trade organisations associated with banks and building societies. However the BSA, not surprisingly has rejected the idea. Sky News Report
September 2015 – The Building Societies Association recently held a seminar for its members on how to involve members of building societies in the governance of their societies. Presentations were made by employees of some building societies but no members of building societies were invited to attend or make representation. Needless to say not one non-executive…
July 2015 – The AGM was held on home territory once again to suit the directors and where staff usually outnumber members. Loyal members who have seen the interest on their “Loyalty” savings account cut from an initial pathetic rate to peanuts will be overjoyed to learn that one loyal member, Graham Beale – the chief executive,…
May 2015 – “Your” Nationwide Building Society has announced the retirement of Graham Beale the chief executive. This will take place after the AGM in July. Mr Beale is expected to relieve this society of a substantial portion of members’ funds on departure and for his pension pot but hopefully will leave sufficient in the trough…
May 2015 – The review entitled Building Society Governance has been produced by Odgers Berndtson and highlights the continued lack of engagement with the majority of members and the lack of interest of directors in the subject. The report notes that only 57 per cent of chief executives of 31 societies reported that they believed their…
April 2015 – Simon Lambert of the Daily Mail reports on the continued decline of building society interest rates for savings accounts. Readers’ comments draw attention to the poor performance of the “Your” Nationwide Building Society for savers compared with the good performance for its directors. Thisismoney Report
April 2015 – The directors of this building society have quietly cut the interest rates on their “Loyalty” savings accounts yet again in less than two months. The directors are working hard to build up their bonuses and Graham Beale needs to achieve his target for the year. Our Comment – His target is to take…
March 2015 – Peter Hill the chief executive of Leeds Building Society apologised to members at the AGM for failing to notify them when changes were made to savings accounts. He was awarded a bonus of 60%. Yorkshire Post Report