View more on these topics

Bagger bids to scrap Nationwide charity clause

Nationwide carpetbagger Andrew Muir is tabling a new conversion resolution after admitting it would be “almost impossible” to force the society to demutualise under existing rules.

Although he has boasted of having three times more backers than the 500 needed to put forward a resolution, Muir confesses he has had to start his campaign again as his old resolution was destined to fail.

Following a close demutualisation vote in 1997, Nationwide imposed a clause stating new members had to sign windfalls over to charity if the society converted. This is thought to cover over a fifth of the membership.

Muir&#39s new resolution tries to reinstate the windfall rights of these members, claiming the clause is vulnerable to a legal challenge.

But the society dismisses Muir&#39s claims, saying the windfall signaway was designed to be bullet-proof to ensure continuation of high service standards.

Muir needs to gather 500 backers before April 4 to put the resolution to the society&#39s AGM in July.

A Nationwide spokesman says: “At the time the measure was introduced, customer service was being interrupted by carpetbaggers. For the signaway to be effective, it had to be irrevocable and this remains the case.”


Fund firms in 11th-hour bids to boost Isa sales

The UK&#39s biggest fund managers are adopting emergency tactics in a bid to buck current bear market sentiment and boost last-minute Isa sales. Threadneedle Investments is urging clients to invest in its cautious managed fund rather than waste their Isa allowance. It says it will then offer free switches into any of its other funds […]

Merrill Lynch Investment Managers appoints marketing manager

Merrill Lynch Investment Managers is appointing Sam Crocker as UK broker marketing manager, responsible for literature and product development marketing. She will also manage the Merrill Lynch Investment Services Isa season campaign and will act as the direct point of contact for the third party distribution team.Crocker joins MLIM from Chase Fleming Fund Marketing where […]

Manchester offers 25 year fixed rate

Manchester Building Society is launching a 25 year residential mortgage with a fixed rate of 6.29 per cent for the life of the mortgage.The mortgage, available as repayment or interest only, is available for up to 80 per cent loan to value. It carries a £295 arrangement fee and early redemption charges of 3 per […]

Selected for the debt trap

Years ago, when I was reduced to penury through naivete and the excesses of a former long-term relationship, I remember declaiming self-righteously at my sympathetic bank manager that credit is one of the ugliest words in the world. I still think that. Apart from the necessary evil of a mortgage, no one should willingly take […]


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