View more on these topics

Building Societies Association calls for rule change


The Building Societies Association&#39s outgoing chairman has called on the Government to change the rules governing building societies.


Speaking at the BSA annual conference John Heaps suggested the Government should make a number of changes to protect societies from carpetbaggers.


Heap says the regulations should allow borrowers to have the same rights as savers. The Government should also increase the number of investors required to nominate a candidate for membership of the board or members resolution beyond its current requirement of 50.


He adds that candidates who are rejected by the members or who withdraw from elections should be ineligible to stand for at least the next three votes.


Finally Heaps has called for legislation to allow the Building Societies Commission to vet candidates to ensure they are fit and proper to hold the post.

Recommended

National Savings launches two year Pensioners Bond

National Savings is launching a two-year, fixed-rate Pensioners Bond on June 2.The guarantee income bond which is only available to the over 60&#39s, will pay a monthly income of 5 per cent gross.The minimum investment is £500 with the maximum of £50,000 for individual or £100,000 for joint accounts.In his March budget, Chancellor of the […]

Cater Allen cuts interest rates

Cater Allen Bank has cut the rate on its cash management account by 0.125 per cent.The move follows the recent decision by the Bank of England to reduce base rates by 0.25 per cent.The account has four interest rate tiers with the minimum balance of £5,000 earning 3.68 per cent gross, while investments in the […]

The Downsizing Delusion: Why relying exclusively on your home to fund your retirement may end in tears

By Steve Webb, director of policy The British obsession with homeownership can have dangerous consequences. A recent survey by Barings¹ found that up to three million people of working age were planning to rely wholly on the value of their home to fund their retirement. We are not talking about people investing in buy-to-let or […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment