We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
NI Presbyterian mutual society, Short of funds for withdrawal?
Comments
-
goodbyepci wrote: »We thought we were supporting our church
And indeed that was the case.
From Chairman's Review in 2004 PMS Annual Report and Accounts:-
"We are not a secular financial concern; we do this for the good of Christ's Church."0 -
And indeed that was the case.
From Chairman's Review in 2004 PMS Annual Report and Accounts:-
"We are not a secular financial concern; we do this for the good of Christ's Church."
Unfortunately at some point they seem to have forgotten this and got sucked into the general 'love of money' syndrome...
And, even worse, they've ended up ruining things for those who were only trying to be prudent with their money and assist their church.0 -
Unfortunately at some point they seem to have forgotten this and got sucked into the general 'love of money' syndrome...
And, even worse, they've ended up ruining things for those who were only trying to be prudent with their money and assist their church.
Couldn't agree more D.A. - Thank you.0 -
I'm one of those 'randomers' but hopefully I'm not being too controvertial:o
I don't have any money tied up in the PMS, but being a lazy "Presby" I am completely disgusted in the whole situation and hope you all get, at the very least, most of your savings back.
I just find it hard to believe that these people running the PMS were seemingly so (knowingly or unknowingly) deceitful. From all I have read it’s obvious that the majority of people didn’t have any idea of their investments or how much they had tied up in property or loaned to “developers”. As stated so many times before, they obviously must have just say the £ signs when property was booming and jumped on the bandwagon… I wander if these people can sleep at night knowing just how much worry and stress they have inflicted on people.
I also find it hard to believe how unhelpful all these politicians have been. I know they are all pushing the plight etc but that seems to be all it is at the moment.. Hot Air… Nothing has been done and it is now nearly May.. this all started in November…. (SIX MONTHS AGO !!!) Didn’t take them that long to step in to bail out all the other institutions (Yes I know there is the whole FSA Regualtion argument etc..etc..etc.. but that aside).. This is peoples lives, Their lives savings. And beyond that what about all the church related charities who could potentially loose 1000’s if not 10’s of thousands.. what about all their projects in needy areas which are now on hold or have had to be cancelled or scaled back..
£40 Million is a drop in the ocean in the grand scale of things and considering they have such a large portfolio of property, it could be easily offset against any “Loan” offered by the government… it’s not like they’re just handing over £40 Million for nothing… It’s a long term investment in the “people” of the country with a potential good return in years to come.. what’s the problem.. Or am I oversimplifying this all ???0 -
Unfortunately at some point they seem to have forgotten this and got sucked into the general 'love of money' syndrome...
And, even worse, they've ended up ruining things for those who were only trying to be prudent with their money and assist their church.
I finally agree with you too D.A.
The some point - seems to have come - between 2003 - 2007 when the PMS was promoted so much through Church Mags and Literature etc. The PMS had too much money (the life's savings of Presbyterians) in its coffers and decided to move into other areas of lending. And unfortunately our Church (PCI) may not have known what was going on - however they are now so tied up in all of this because they promoted us to save and borrow from the PMS and we all thought that it was safe because our CHURCH told us so.
Warmhands.coldheart
Perfect wording - you would think that the PCI and Gov could get their act into gear - I agree if they can sort this out - the money will go round and the PCI will become financially healthy again!0 -
Search this site:
Searching the FSA Handbook
Presbyterian Mutual Society
9 April 2009
Investigation
The FSA's normal practice is neither to confirm nor deny that we are investigating a particular firm or individual. However, in the light of the information already in the public domain about the FSA's involvement and the public interest in this case, the FSA can confirm that it has investigated the activities of Presbyterian Mutual Society (PMS), now in administration, to consider if it was conducting regulated activities without the necessary authorisation or exemption.
We have concluded our investigation and have decided that it was conducting regulated activities without the necessary authorisation or exemption. However, on the basis of the information currently available to us, and applying the criteria in the Code for Crown Prosecutors, we have decided that it would not be right for us to take a case against any of those involved in running the PMS. However, we remain in touch with the administrator and, if further information comes to light relating to the issues we have investigated, we will look into it.
More Statements:- <LI id=firstfootlink>Legal information |
- Freedom of information |
- Privacy policy |
- Data protection |
- Contact us
Can anyone understand what this is saying?0 -
We have concluded our investigation and have decided that it was conducting regulated activities without the necessary authorisation or exemption. However, on the basis of the information currently available to us, and applying the criteria in the Code for Crown Prosecutors, we have decided that it would not be right for us to take a case against any of those involved in running the PMS.
From reading this I would say basically the people runing hte PMS got WAY out of their depth and started dabling in Regulated Activities... ( IMO Potentially these loans to Developers, essentially mortgages, and any other "Grey" areas.
And from the sounds of it they're going to get away with it..... These people should be ashamed and should not be allowed to darken the door of a church again.... Not very christian like I know but how they could ever call themselves christian after what they have done is beyond me0 -
Now I got a reply from Lord Morrow of Clogher valley acknowledging receipt of my letter also encclosed copies from the First Minister and deputy first minister's office and from the H.M.Treasury office.
Someone mentioed the plight of people in the developing countries, this is going to get much worse as we won't have money to give to our church for either work at home or abroad or indeed our own very worthy local charities. It is time P.C.I. realised this befor they are left with neither people or money. Surly as a Christian Church we are meant to care for each other.0 -
Search this site:Searching the FSA Handbook
Presbyterian Mutual Society
9 April 2009
Investigation
The FSA's normal practice is neither to confirm nor deny that we are investigating a particular firm or individual. However, in the light of the information already in the public domain about the FSA's involvement and the public interest in this case, the FSA can confirm that it has investigated the activities of Presbyterian Mutual Society (PMS), now in administration, to consider if it was conducting regulated activities without the necessary authorisation or exemption.
We have concluded our investigation and have decided that it was conducting regulated activities without the necessary authorisation or exemption. However, on the basis of the information currently available to us, and applying the criteria in the Code for Crown Prosecutors, we have decided that it would not be right for us to take a case against any of those involved in running the PMS. However, we remain in touch with the administrator and, if further information comes to light relating to the issues we have investigated, we will look into it.
More Statements:- <LI id=firstfootlink>Legal information |
- Freedom of information |
- Privacy policy |
- Data protection |
- Contact us
Can anyone understand what this is saying?
This is the quote from the Newsletter saying the directors had been cleared
In the statement, the regulator said: "The FSA's normal practice is neither to confirm nor deny that we are investigating a particular firm or individual.
"However, in the light of the information already in the public domain about the FSA's involvement and the public interest in this case, the FSA can confirm that it has investigated the activities of Presbyterian Mutual Society, now in administration, to consider if it was conducting regulated activities without the necessary authorisation or exemption.
"We have concluded our investigation and have decided, on the basis of the information currently available to us, and applying the criteria in the Code for Crown Prosecutors, that it would not be right for us to take a case against any of those involved in running the Presbyterian Mutual Society.
"However, we remain in touch with the administrator and, if further information comes to light relating to the issues we have investigated, we will look into it.""
Please note the missing sentence.
"We have concluded our investigation and have decided that it was conducting regulated activities without the necessary authorisation or exemption."
Why is this missing from the Newsletter article - it is the most important point.
http://www.newsletter.co.uk/news/PMS-cleared-over-banking-claims.5161295.jp0 -
Oh dear, everything I've seen so far has suggested that the Newsletter has been very supportive of our case, so I'm very concerned at this telling omission.
If anybody has the email address of the main journalist dealing with this at the Newsletter (I'm too lazy to search back through posts to find it), it would be a good idea to email and ask if the omission was a journalistic/sub-editing decision or if the text had been pre-edited for an FSA press release.
I truly hope it is the latter, in which case I can see a nice story for the Newsletter along the lines of FSA misleads PMS investors.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.3K Work, Benefits & Business
- 599.6K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards