News

January 2002 – Did you know that the Banking Code applies to building societies as well as banks? The Banking Code is a voluntary code of self-regulation for basic good behaviour that banks and building societies are supposed to adhere to but many do not.  The code is produced by the British Bankers’ Association (BBA)…

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December 2001 – A Moneyfacts research report shows the top two best-buy places for mortgages to be Egg and HSBC.  Nationwide with no shareholders was third.

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December 2001 – The Financial Ombudsman has ruled that Britannia should compensate members who have TESSAs for not paying interest at the same level as ISAs.  However, Britannia directors do not give in to mutuality too easily, they will only compensate those people who go through the complaints procedure.  Those who do not complain will not…

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October 2001 – The DTI has announced that plc shareholders are to be given the right to an annual vote on directors’ pay and will be provided with details of performance and remuneration policy. Our Comment – This will make plcs more democratic than “mutuals”.

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October 2001 – Beware – This society continues to be one of the slowest to reveal to members that it has reduced savings interest rates.  The Banking Code, the industry’s own voluntary code of “basic good behaviour”, allows societies to backdate any notification by up to one month and the Scarborough sails very close to the…

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October 2001 – The management of this society continues to campaign to change the name by progressively reducing the size of the word Holbeck on documentation and advertisements.  While the Nationwide has long since dropped the title of building society from its documents.

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October 2001 – Did you have a mortgage with the Leeds Permanent Building Society? The Halifax wishes to contact everyone who took out an ‘interest only’ mortgage with the Leeds before October 1989 and repaid it.  The Halifax has found that many members may have been accidentally overcharged interest by a small amount and wishes to…

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October 2001 – This self styled ‘”consumers’ champion” was brought to book by a genuine consumers’ champion in the form of the Daily Telegraph’s Jessica Gorst-Williams who investigated a case where Nationwide was imposing two mortgage early redemption penalties on a member.  The sums involved were £11,441 and £20,389.  The newspaper reports that Nationwide insisted it…

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September 2001 – The Sunday Telegraph reports that having lured people into opening TESSA-only ISAs paying a rate of 7.25% the Britannia has slashed the rate by an astonishing 1.75% to 5.5%.  The reduction is double the amount by which the bank base rate was cut.

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