View more on these topics

Parliamentary troups urge B&B members to vote for mutuality

Two influential Parliamentary groups are lending their support to

campaigners aiming to keep Bradford & Bingley a mutual.

The all-party Building Societies Group and Insurance & Financial Services

Group say members interests will be damaged if the society converts to a

publicly owned company.

The two groups represent more than 170 MPs from all political parties.

The groups issued a statement urging B&B members to pass up the

opportunity of collecting a windfall and vote to keep the society mutual.

The statement says mutuals consistently offer cheaper loans and pay higher

rates of interest on savings accounts than plc rivals. Members will vote at

a special general meeting on July 17.

In order to convert, 50 per cent of savers have to cast a ballot and 75

per cent must vote in favour of conversion.

A simple majority of borrowers must in favour of demutualisation.

Building Societies Group chairman Andrew Love says: “The case for

mutuality is overwhelming when one looks at the financial cost to borrowers

of conversion.”

Insurance & Financial Services Group chairman John Greenway says: “Next

month, Bradford & Bingley members will have the choice of whether they take

the windfall now in order to pay later. It is borrowers who will pay the

price of conversion.”

Bradford and Bingley spokeswoman Alis Marjoribanks says: “Given that Love

is the head of the Building Societies Committee, we would expect him to

support mutuality but we put our members to a vote and they decided to

proceed with the debate.”

Recommended

CGU stakeholder plans won&#39t usethe &#39friendly&#39 tag

CGU is setting up a group and individual pre-stakeholder pension but isavoiding the phrase “stakeholder-friendly” because it fears it couldconfuse consumers.The company says its plan, called Your pension @ CGU, plan meets all theGovernment&#39s minimum requirements for stakeholder com- patibility in termsof its char-ging structure and flexible contribution levels.CGU believes the term stakeholder-friendly challenges issues […]

Chase de Vere in mortgage link-up with IFonline

Chase de Vere Mortgage Management is linking up with mortgage commontrading platform IFonline.The link means Chase will use IFonline&#39s system as one of its onlineresources for searching the mortgage market.Chase hopes that the move will help its brokers match clients&#39circumstances to the most suitable mortgage from a comprehensive range ofproducts.IFonline&#39s site is supported by a […]

Portillo to be keynote speaker at IFP talks

Shadow Chancellor Michael Portillo will be the keynote speaker at theInstitute of Financial Planning&#39s annual conference this year.The Conservative MP for Kensington & Chelsea will focus on the FinancialServices and Markets Act among other financial services issues.The conference will be held at Warwick University from September 14-15 andwill include sessions on capital gains tax, planning […]

CGU stakeholder plans won&#39t usethe &#39friendly&#39 tag

CGU is setting up a group and individual pre-stakeholder pension but isavoiding the phrase “stakeholder-friendly” because it fears it couldconfuse consumers.The company says its plan, called Your pension @ CGU, plan meets all theGovernment&#39s minimum requirements for stakeholder com- patibility in termsof its char-ging structure and flexible contribution levels.CGU believes the term stakeholder-friendly challenges issues […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com