Chelsea Building Society has come out fighting amid allegations that it is trying to confuse policyholders in a bid to quash support for the latest carpetbagging assault.
Last week, Chelsea learned of a demutualisation offensive by policyholder Andy Naugh ton-Doe, who set up www.chel seaconversion.com to log nominations for the 500 backers needed to trigger a vote.
But Chelsea says it was unhappy with false information in some of the supporting state ments on the site and set up www.chelseaconversion.co.uk to defend its position.
Demutualisation campaig ners say the move is clearly aimed at causing confusion.
The society says it objects to windfall figures of £1,000 being mooted on the carpetbagger's website and says the real figure would be around £500. Chelsea says it is simply reflecting the views of its members and points to its AGM this year where its three fiercely pro-mut ual directors were re-elected with an average vote of 88 per cent.
Save our Building Societies co-ordinator Bob Goodall says: “Chelsea is playing with a straight bat and defending its legitimate interests.”