December 2016 – The Financial Conduct Authority has published new measures for cash savings accounts to boost competition. From December 2016, firms will have to provide clear information on interest rates offered on cash savings products as well as clearly reminding consumers about changes in interest rates or the end of an introductory rate. Our Comment…
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November 2016 – The Government has launched a Green Paper on corporate governance reform. In particular it covers executive pay and shareholder/member/employee influence on corporate governance. Your response to this consultation in regard to building societies is most important because of the tricks that are used in ballots and the disconnect between boardroom pay and that of…
September 2016 – Nationwide (Building Society) dropped the words building society from its description some years ago in its attempt to be different from building societies and more like a bank. Now the latest news is that the directors would like it to be described as a building society once again and do not like it…
September 2016 – The Business, Innovation, and Skills (BIS) Committee has launched an inquiry on corporate governance, focusing on executive pay, directors duties, and the composition of boardrooms, including worker representation and gender balance in executive positions. Inquiry: Corporate Governance Business, Innovation and Skills Committee The BIS inquiry follows on from the corporate governance failings highlighted by…
September 2016 – The increased pay for the chief executive of “Your” Nationwide (Building Society) although the highest sum was not the highest percentage increase. Other boardrooms also indulge in the same self serving practice. At the same time savers, who help to pay for these bonuses, see their interest rates dwindle to pathetic rates and…
August 2016 – Manchester Building Society has advised investors with Permanent Interest Bearing Shares (PIBs) that they will not be receiving their next interest payment on these shares, these were due in October. The society is also still uncertain about its future. A statement from the society states that losses can be expected due to…
July 2016 – A Telegraph report on a Financial Conduct Authority publication entitled “Sunlight Remedy” has named and shamed 32 banks and building societies with the lowest paying savings accounts including some that pay nothing or next to nothing. The FCA is considering plans to introduce alerts for banks and building societies to ensure that online savers…
July 2016 – The Telegraph reports that twenty new banks have applied for licences to operate in Britain. This follows the granting of licences to 14 new banks since 2013. The established banks and building societies face increasing competition from these new banks which are proving to be so popular.
June 2016 – Nationwide Building Society’s voting papers are on their way. As usual the directors of this so-called mutual society are using ballot papers that are undemocratic and biased. The only way you can make the directors accountable is to put a cross in every “Against” box on the ballot paper. Make sure you request…
June 2016 – Borrowers have won their legal battle against this society for increasing their mortgage rates after taking their case to the Court of Appeal. The Telegraph reports that the society has to pay £27.5 million to those members affected. This is over twice annual profits and will lead to a loss next year….