NI Presbyterian mutual society, Short of funds for withdrawal?

ballyblack

a snippet on the BBC radio Ulster 'Nolan' show this morning. Gregory Campbell said that he was still trying to get the government to help the savers as they did with the Dunfermline Building society

freddiemae

goodbyepci wrote: »

"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."

In view of the last statement in the FSA report

Do those of you on this board who know about these things (nomad, freddiemae, john2009) think it would be worth contacting FSA with our own stories of

• False assurances by secretary
• Misleading assurances by Directors
• The lack of small print or disclaimers making it plain that we were buying equity shares in an Industrial and Provident society, not just depositing savings as we thought.

Also anyone any idea of how to contact the appropriate people in FSA?

I am no expert but I would be inclined to wait 24 hours till this story gets through all the media and see if there is a government reaction. It certainly changes things immensely that the FSA have not gone back on the statement on their website - there are more avenues open for sueing now and I would expect the Minister at the DETI to make a statement. I would be emailing her for a statement if she doesn't.
This has now been proved to be nothing to do with bank guarantees - that maybe caused a small run- its more to do with the legal aspects of bank regulation. If the PMS was acting outwith its remit then surely the DETI have to step up to the plate.

Nomad25

I agree with Freddiemae.

The FSA are going to be extremely wary of using crown prosecution/public funds [I know savers are the public, but they are small fry] both in the current economic and political climate and will only do so if it gains them massive returns [financially and politically for HMG] - it won't.

crazymess

Hope you have all written to Mrs Arlene Foster - asking what she is doing about a Company in NI operating outside their permitted rules.

[EMAIL="private.office@detini.gov.uk"]private.office@detini.gov.uk[/EMAIL]

This is so complex but lets try and see what happened.

1. PCI promoted us to save with PMS (in the church's interest and yours)
2. PMS was registered under Ind and Prov Societies NI - no regulation why not? Is this DETI's responsibllity or Westminister? Arlene Foster needs to answer this. Not keep telling us what she has done - ie allow the PMS to go into Administration - what is she doing now?
3. The Directors were doing something they shouldn't have been doing - yet FSA have recognised this - but are not going to take legal action - why not? Crown Prosecution Code !!!!!!!!!!! not enough evidence - why? is it because of the GREY AREAS HERE IN NORTHERN IRELAND!!!!!!
4. Yet up to 10,000 savers, voters and taxpayers are being ignored.
5. The run did happen on the funds in October due to the increase of of the Government guarantee - however still believe there was a black hole to start of with.

goodbyepci

http://www.whitehallpages.net/modules.php?op=modload&name=News&file=article&sid=189506&mode=thread&order=0&thold=0

This is the same story we've already seen on the BBC, interestingly it's on the Whitehall pages.

Maybe this is when all those emails will have an impact?

crazymess

It is quite important to note the BBC's take on this

The PMS were operating as a bank

however-

the run was still caused by the Government Guarantee increasing to £50k

We, savers, in the Ind and Provident Society - PMS were not afforded the opportunity of having a guarantee - why???????? is it because the Directors chose not to apply for it? Or is it because the NI legisilation did not have such a facility in place??????????


Are the Directors accountable for misusing our savings?

Is DETI responsible for not having the correct provision in place to cover such a Society?

What happened? Can anyone answer this?

crazymess

Just received this from a birdie!!!!!!!!

You can email more if you like or have the time!

Dear All

I received a communication by email last night from London from a very supportative highly placed representative in the highest level of Government.

You will appreciate that it is not appropriate for me to go into detail at this time however, please be assured that everything that can be done for PMS savers is being done at the highest levels.

It is imperative that we gain maximum support from all Conservative MP's and Shadow Ministers and whilst a number of meetings have taken place it is crucial that we immediately correspond with those Conservative MP's who to date we have not lobbied.

In this regard, may I refer you to the lobby list and ask you to log on to the Parliamentarians a-z site and seek out additional names as you see fit.

I would require any additional names by email by Saturday at the latest so that I can forward them to London by Monday.

Please be informed that the person concerned is very happy with the Lords and MP's already on the list and will be speaking to each one individually.

Your co-operatation is vital at this stage and I thank you all for your efforts which have made and hopefully will continue to make a difference

crazymess

Perhaps we are finally getting to the bottom of this:

Some questions for you to consider?

And perhaps some answers we need.

1. Was PMS properly registered to conduct the business it carried on before 14 November 2008 when it went into Administration?

2. If not, why not?


3. If PMS was not properly registered to conduct the business it carried on before 14 November 2008 - who was responsible for ensuring that it should have been properly registered?

4. In whom was the regulatory authority to compel proper registration vested at the time PMS went into Administration?

goodbyepci

The petition presented in the House of Commons by Jeffrey Donaldson


http://www.theyworkforyou.com/debates/?id=2009-04-21a.206.1

I've just realised
With the doom and gloom budget, this is a great day for burying bad news (like the discrepancies in the FSA report)


Crazymess, you shouldn't have made your discovery for a couple more days!!
(only joking)
:rotfl:

brick

goodbyepci wrote: »

budget

I wonder if PMS savers will today start to get an idea as to how much additional tax they WILL be required to pay to support all the other favoured financial institutions that Government HAVE decided to help.

(...and let's not forget our contributions towards former RBS chief exec's somewhat generous pension)