NI Presbyterian mutual society, Short of funds for withdrawal?

D.A.

P.S. Crazymess, yes, I also think PCI and the Presbyterian Orphans Society also need to sit down and have a look at their relationship. Again, by the looks of it, there is no official link between the two, but PCI definitely needs to examine things here.

Obviously, it would not be good if the work of the P.O.S. were to suffer, but it would be much worse for both parties if it were ever to attract the kind of attention which the PMS has...

Amontylado

Hello - I live in Surrey and have been monitoring the PMS situation on behalf of my elderly Mum who lives in Belfast and has savings with the PMS. I was so annoyed about it all that I wrote to my local MP, a LibDem, not expecting him to do much about a mainly Northern Ireland issue. However after a considerable delay I have just received a letter from him in which he states that he has written to Alistair Darling 'to ask him to explain...how the Government will assist those who had savings with PMS'.
It occurs to me that if Alistair Darling received similar letters from lots of MPs all over the country he might start to take an interest. If any of you have relatives anywhere else in the UK perhaps you could prevail upon them to write to their MPs too? Worth a try I think.

crazymess

D.A. Bit early for me - and you have replied with a lot of details.

Reality is - I'm not blaming the current Moderator - I am saying those that are at top of PCI - of course we know this changes every year -

Reality is- and we will get to the bottom of this some day - PMS was set up for the benefit of Presbyterians to save within their own CHURCH -the name PRESBYTERIAN was used - and also the CREST was used - IF THERE WAS ANY SURPLUS LEFT AT THE END OF THE PMS DAYS - THEN THE PCI GOT THIS MONEY - THEY WERE LINKED AND NO MATTER WHAT YOU SAY - THEY WERE.

I mean that the PMS was affording the Chuches of cheaper loans than the banks.

The PCI promoted the PMS in their 1983 minutes of Gen Assembly and other minutes of General Assembly

My goodness - we looked up to these people in PCI - they are the head of our Church - the PCI supported the PMS - we assumed therefore they were linked as they suggested us to save with the PMS. The PCI allowed and did a promoting campaign of the PMS in the vestibules of the Church, in the Presbyterian Herald, etc etc and were responsible for raising the savings from £100 million to over £250 million. Who are you trying to kid D.A. they saw this as a great facilility and promoted it. They should not have been giving their people financial advice. When, as a member of the church, you saw literature in the vestibule of the church and reading PRESBYTERIAN MUTUAL SOCIETY - you would then be tempted to save with them. Marketing and wording was used here -

The PCI did not inform us that it was nothing to do with them in the early days - WHY - because they saw the PMS as a good thing - UNTIL AND UNTIL THEY REALISED THINGS WEREN'T GOING WELL .................... wrong.

So many of us have misunderstood - and you know the older generation especially have been let down - and we will get to the bottom of this

I was at a meeting recently were a women wept - at losing her life's savings £13500 within an organisation that she called the CHURCH - her faith has been tested. IF THE PCI can live with examples of this - then that is very distressing - all over the courntry Presbyterians are suffering - they did not put their money in a HIGH INTERST ACCOUNT WHERE YES SAVINGS CAN BE LOST- they put their money in their CHURCH -

Hope you finally understand DA - exactly what has gone on here -

PCI - you can help -

crazymess

Another very important link - is that the PCI P.R. PERSON - S.L - also has written literature for the PMS - misleading or what?

I CHALLENGE YOU D.A -

Scenario:

I'm going to set up the PRESBYTERIAN LOTTERY FUND - and it so happens we own offices near Fisherwick Place - WOULD YOU NOT AGREE - THAT THIS WOULD BE CHALLENGED IN THE COURTS BY THE PCI!!!!!!!!!!!!!!!!!! to not use their name as there is no link.

My case rests -

The PCI is made of Ministers over all the years that would have been in congregations who would have had money in the PMS - why would they have ever done anything about this wonderful facility - THEY PROBABLY DIDN'T EVEN REALISE THEMSELVES THAT IT WAS A DIFFERENT LEGAL ENTITY UNTIL THEY WERE MET AT A PRIVATE MEETING BY THE PMS ON 27TH OCTOBER AND PANICKED - got legal advisors in - who seem to have advised the current hierarchy to distance themselves - WHEN IN ACTUAL FACT ITS LIKE PARENTS ABANDONING THEIR CHILDREN.

goodbyepci

http://www.dup.org.uk/articles.asp?ArticleNewsID=682

Toastandbutter

Hi Guys

Just curious, was anyone here every approached by a financial professional and urged to move their money from the PMS?

Or do you know anyone this happened to?

The question has been raised at the Enterprise Committee, you can find the question by searching for the term "Presbyterian";-

http://www.niassembly.gov.uk/finance/2007mandate/moe/2008/090114_role_banks.htm

This is a news report where the minister of this department also raised the same issue;-

http://www.newsletter.co.uk/news/Bankers-urged-PMS-investors.4939761.jp


Even the banks at the committee meeting said this would be serious if it was proven to have happened....!


Many thanks
T&B

Nomad25

Can anyone tell me - how much has the PCI officially and currently got stashed in its coffers - real money vs investments? Suppose I am talking here as to what would be described as 'disposable income'.

brick

D.A. wrote: »

no-one complained while the profits seemed to be rolling in

Be careful you don't use terminology that creates a false impression of "high rewards".
The returns were akin to what one would have reasonably expected from a boring savings account (where deposits should have been secure).

D.A. wrote: »

I feel sorry for all the everyday folk who were sucked into the PMS and have lost their savings, but someone with financial nous should have spotted this situation coming a mile off.

Well, I think that's exactly what a lot of people are saying.
One could be forgiven for presuming that individuals with financial nous were to be found among PMS directors and regulatory authorities (and indeed PCI management/hierarchy).
As it is, it seems that the everyday people are being left to pick up the pieces (notwithstanding ongoing political efforts).

Nomad25

individuals with financial nous

I could do with some of that.

How come all these highly rewarded [by us in the main] financial experts are now telling us [as brick says 'everday people'] that we should have asked the right questions/known what to look at when they were supposed to be the money managers.

Even now I don't know where or what I should be looking for, let alone about what I should ask a pertinent question!

fivealive_2

crazymess wrote: »

Hope you finally understand DA - exactly what has gone on here -

PCI - you can help -

I think DA does understand. I have read what DA, Crazymess and Goodbyepci have written today and I somehow agree with all 3 of you if that is possible.
Yes I believe that PCI has liabilities as far as the PMS is concerned but I don't think that the entirety of the PCI is rubbish just because they have failed us in one important area.
I really don't know how to explain myself properly other than what I have already said so I hope it makes sense to some-one?