News

October 2017 – The report of the directors on corporate governance in the 2017 Annual Report of this building society states “Many companies with strong frameworks have failed as beyond the rules there are principles that matter deeply, such as transparency, trust, openness and balance.” However a request for sight of their submission in response to the…

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September 2017 – The Building Societies Members Association invites all members and friends to attend the 35th Annual General Meeting. The meeting will take place on Saturday 28th October at 1.30 PM. The venue is All Saints House Venues (Courtyard Room) 83 Margaret Street, London, W1W 8TB. It is 6 minutes walk from Oxford Circus Underground,…

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September 2017 – Holders of PiBs (permanent interest-bearing shares) will once again receive no interest payments due to further losses although losses have more than halved from last year. The society has stated that there is “material uncertainty” over its future and is in “open dialogue” with regulators. Telegraph Report

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August 2017 – The Government has published a response on corporate governance reform having watered it down following considerable pressure from those who would be affected by the original proposals. The original proposals announced by Theresa May in her inaugural speech included reining in corporate greed and shareholder/member and employee representatives on company boards and were…

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August 2017 – The Telegraph reveals that the rip-off tactics of this building society continue.  The newspaper says the society is the latest to confess to ripping off existing members who renew their home insurance by charging up to twice as much as new customers. There is nothing new about this.  The Nationwide has been named…

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July 2017 – Nationwide Building Society has taken out full page newspaper advertisements offering “loyal members” a 5 year savings account paying a fixed interest rate of only 1.65%.  This rate is easily beaten by other banks without any “loyalty” qualification.  “Your” Nationwide! Members who already have a “loyalty” savings account receive a pathetic rate…

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June 2017 – The directors have introduced another anti-member resolution to change the rules to take further precautions against any member who seeks to stand for election to the board. In addition to the infamous “Quick Vote” and the requirement for member nominated candidates to obtain the support of 250 members the directors of this…

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June 2017 – While members continue to receive pathetic interest rates on their savings the directors have yet again helped themselves to a large portion of members’ money. Despite all of the obstacles laid in their path the directors have again far exceeded the most unbelievably difficult targets set by their remuneration committee.  The bar…

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April 2017 – The Daily Mail has published a list showing the usual massive amounts of members’ money that some building society directors have taken again. The list shows the chief executive of Coventry Building Society took 50% more than the previous year.  The CEOs at both the Yorkshire BS and the Harpenden BS took 29%…

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March 2017 – The annual report for this building society does not make good reading. The directors continue to struggle to keep the society going. The report records a loss of £3.4m for the year ending 12th December 2016 and reserves were reduced by a further £3.7m.  Efforts to merge with another building society have…

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