View more on these topics

Axe member resolutions, demands Nationwide

Resolutions put forward by building society members place “intolerable pressure” on the boards of mutuals and should be scrapped, says Nationwide chairman Charles Nunneley.

Speaking last week at the Building Societies Association conference in Harrogate, Nunneley claimed it makes no sense in today&#39s environment to give customers stakes in mutuals when they can have- like Nationwide – up to 10 million members.

He said he would like building societies to effectively become trusts which could only be wound up if all the trustees agreed to do so and were supported by the vast majority of members.

Describing the process of acquiring the 500 supporters needed to put forward each resolution as “child&#39s play”, Nunneley said that “resolutions should not be acceptable if they seek to interfere in the management of a society – and that means virtually all of them”.

He claimed members dissatisfied with the management of a society could make an effective protest by voting existing directors off the board and substituting them with their own nominees.

He said: “Resolutions make no sense nowadays when Nationwide, for example, has 10 million account holders and capital accumulated by generations of members over 150 years.”

Save Our Building Societies co-ordinator Bob Goodall says: “Mutuals are democracies and resolutions can be useful but not when they interfere in the running of the business.”

BSA conference, p9


Top fund firms link up for IFA roadshows

Three of the UK&#39s top fund management groups are teaming up this autumn to present a series of roadshows to IFAs around the country.Invesco Perpetual, M&G and Schroders have made the agreement, the first to involve three major groups, following M&G and Schroders&#39 joint Isa season nationwide roadshows earlier this year.The fund managers say the […]

Equity release to help with LTC costs

Government equity-release schemes to help the elderly meet the cost of long-term care are on course to be introduced by October if Labour wins the election.The party&#39s manifesto confirms its commitment to the NHS Plan. While few details are given, it is bel-ieved to revolve around the concept of loans being provided by local authorities.The […]

Guilty until proven innocent?

I was interested and concerned to read the letter from Paul Wearden (Money Marketing, May 3) regarding Axa Equity & Law&#39s seemingly unreasonable refusal to meet a permanent disability claim. The same company refused an accidental death claim for a client of mine.My client was a pedestrian when he was hit by a car while […]

Online information from RJ Temple

National IFA RJ Temple is launching a website which it says is designed to help consumers manage their finances and gain information rather than buy products.Visitors to can access comparative information and a free online investment valuation facility covering a range of funds.RJ Temple says online financial calculators allow people to estimate their mortgage […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm