January 2020 – The Financial Conduct Authority (FCA) has asked building societies and banks to justify their new fees for arranged and unarranged overdrafts. Only 7 months ago the FCA asked building societies to simplify the structure of their rates and ensure that charges were the same for unarranged and arranged overdrafts. However building societies and banks…
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January 2020 – The Financial Conduct Authority (FCA) is to carry out a consultation on the practices of building societies and banks that drastically cut the value of savings account rates after an initial high opening rate. Loyal and trusting members often do not check the small print where accounts may be stated to considerably reduce after a period…
January 2020 – Nationwide Building Society continues to find ways for wasting members’ money. This society has carried out a poll on the personal cost of working in an office. The lengthy report on the findings of the poll states that Guy Simmonds whose job is described as Head of Current Account Customer Management said: “As our research…
November 2019 – Nationwide BS Interim Results show this society’s profits suffered a 40% fall from £516m to £309m for the first half year. However the chief executive Joe Garner states his bonuses are not based on profits. This seems to be at variance with their annual remuneration report, where unsurprisingly profit is an (unqualified) element. …
September 2019 – This society held a special general meeting in order to change auditors from Deloitte to Grant Thornton (the firm that Manchester BS has had problems with). Only a few months earlier at their AGM, held in April, the Saffron passed a resolution to renew the contract, as auditors, with Deloitte for 12…
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…
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…