August 2019 – Nationwide Building Society has been ordered to refund £6million to members by the Competition & Markets Authority (CMA) for breaking the rules. The society had not been alerting members as was required before imposing charges for unarranged overdrafts. The rules (CMA RBMI Order 2017 Part 6) have been broken 20 times since…
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July 2019 – The Manchester Building Society has been granted permission to appeal to the Supreme Court on an order made by the Court of Appeal in its case against Grant Thornton. The case relates to a claim of negligence for audit services provide by the accounting firm Grant Thornton. The future for this society…
June 2019 – Once again the directors of the Nationwide Building Society report that they have taken large amounts of members’ money. This follows a number of cuts to savings interest rates that are already paltry. The Chief Executive takes £2,372,000 including £185,000 for expenses. His expenses are £32,000 lower than the previous year. Probably…
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…
September 2018 – Nationwide Building Society has announced that it is going to spend £4.1bn of members’ money in an attempt to compete with fintech banks such as Monzo and Revolut. The society states that it is intended to improve online services. It is claimed that the adventure will take up to five years to…
August 2018 – Money Saving Expert reveals that this society is increasing mortgage interest rates in line with the bank rate increase but is not passing on the increase to savers. Money Saving Expert Report
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…
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
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…
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…