View more on these topics

Chelsea and Catholic Building Societies to merge

Chelsea Building Society and the Catholic Building Society have confirmed plans to merge.

Chelsea is the UK’s fifth largest building society with assets in excess of £13bn, while the Catholic had assets of £44m at the end of 2007.

Any merger between the two building societies will be subject to the approval of the Catholic members and confirmation by the FSA.

Under the proposal the Catholic would transfer its engagements to Chelsea on a date to be determined.

Chelsea says that discussions between the two lenders are continuing and further details of the proposed transaction will be announced in due course.

It is likely that bonus payments will be made to members of the Catholic. In this event, the first qualifying date for such bonuses will be 31 May 2008.

This means that only those shareholding and borrowing members who had a qualifying savings or mortgage account open with the Catholic on that date will be eligible to receive bonuses.

Chelsea chairman Trevor Harrison says: “We are looking forward to finalising the terms of the transaction with the Catholic and to welcoming the Catholic’s members into the Chelsea family in due course.”

Catholic chairman Clare Whittaker adds: “We are delighted to have chosen Chelsea as our merger partner. The Catholic and Chelsea have much in common and share common values around mutuality and people”.


Brown replaces Crawshaw at CML

Bank of Ireland personal lending managing director Richard Brown has replaced Bradford & Bingley chief executive Steven Crawshaw as chairman of the Council of Mortgage Lenders in an acting capacity.

B&B at boiling point?

The statement by Bradford & Bingley this week that arrears in its more recently acquired mortgages from GMAC have been higher than anticipated raises some interesting questions.

The games we play

Politicians, lorry drivers, brewers and some fund managers are as one. The price of commodities is ridiculous and someone had better do something soon before everyone gets very angry. It is worth remembering that a much smaller group comprising farmers, oil sheikhs and another bunch of fund managers thinks high and rising commodity prices are a blessing. “Bring it on,” they cry.

Seeds of change

Last week we had a lesson on how not to manage a fund-raising exercise from Bradford & Bingley. As the week progressed, worries migrated from the direct effects of the credit crunch to the indirect results. Fears of the consequences of tighter lending conditions, not to mention the effects of higher fuel and food costs on consumers, drove the FTSE back below 6,000.

A DGT with 100% access and 100% discount?

Clare Moffat, Technical Manager, looks at the benefits of pensions from an IHT perspective. 100% access and 100% discount – what type of wrapper could this be? A pension! Post flexibility there is 100% access (for those over 55) and normally pensions are inheritance tax (IHT) free. With flexibility the options available on death mean […]


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