News

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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June 2018 – Rachel Millard for Thisismoney reports on this building society’s annual report and the banker style amounts of members’ money that the directors continue to help themselves to and their claim that it is a mutual society.  But nothing new there.  The directors claim they are getting the rate for the job.  That is quite…

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April 2018 – Jeff Prestridge of This is Money reports on the customary annual inflation busting increases that the directors of building societies are helping themselves to. He goes on to say “While many building societies proclaim that they hold the moral high ground over the banks because they are not subservient to dividend-hungry shareholders, it is often…

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March 2018 – This is Money reports: Skipton BS boss David Cutter takes £1m salary despite paltry savings rates. The report states that the chief executive of Skipton BS has joined an exclusive men-only elite of building society executives – the £1 milion plus a year club.  David Cutter, 56, and a Skipton employee for…

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March 2018 – The directors of the Holmesdale Building Society have decided that it will no longer be able to continue to function on a financially secure and stable basis.  The proposal is that the society be taken over by the Skipton Building Society.  Members of Holmesdale will be able to vote in June and the…

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December 2017 – The Financial Reporting Council (FRC) has produced a consultation document on proposals for revisions to the Corporate Governance Code. This follows on from the Governments Green Paper review on corporate governance which was instigated as a response to the increasing numbers of shareholder revolts particularly on pay.  However the outcome of the…

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December 2017 – The Investment Association has produced and published a register of FTSE All-share companies naming all those where at least 20% of shareholders opposed one or more of the board’s resolutions. The list shows that 38% of revolts were related to pay. No such register could exist for building societies as all members…

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December 2017 – The Bank Rate may have increased by 100% but members of the Darlington Building Society have learned that the interest rates on their savings accounts have gone in the opposite direction.  Their Loyalty Savings account has been cut from 1.20% down to 0.70%.  Not a very nice Christmas present from the Darlington. It…

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