Arch-carpetbagger Stephen Major has dropped out of the Nationwide demutualisation campaign with the shock admission that the society is doing an “excellent job” for its members.
The plumber, who triggered the Bradford & Bing ley conversion, says he has grave doubts about the campaign's chances and admits conversion would damage service levels.
The society has a two-tier membership system – imp osed after the last demutualisation attempt in 1998 – where new members must sign away windfalls to charity.
Major admitted the system played a large part in his decision, saying it was “a hurdle that would be very hard to overcome”.
He said windfalls paid to members would be “scant reward for the inev itable deterioration of service that would occur if the society were to convert”.
Carpetbagger Andrew Muir is now the sole threat to Nat ionwide and he has until April 4 to submit resolution forms backing his plans.