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BSA chair slams Ombudsman

BSA chairman Martin Ritchley has slammed the financial ombudsman service for a series of unjust decisions against his members.

In a speech to the Building Societies Association conference in Bournemouth this week, he said: “Societies have been disappointed at the entent and the nature of the ombudsman&#39s interest in pricing decisions which at times have produced results which many would see as at odds with justice.”

Ritchley, the chief executive of Coventry Building Society, was especially critical of decisions affecting the wider market such as that on Nationwide&#39s duel pricing and Norwich & Peterborough&#39s Tessa and Isa plans.

Ritchley warned the conference that today&#39s pricing decision could become tomorrow&#39s injustice.”

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Wednesday, May 8, 2002Type: High interest accountMinimum-maximum investment: £1,000-£500,000Interest rates: 5.3% gross a year, 5.18% gross a monthTerm: Three yearsOffer period: Until further noticeWithdrawal penalties: No penalty provided £1,000 remains in thebond. Otherwise 120 days’ loss of interest on amountwithdrawnTel: 0845 3002511

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