NI Presbyterian mutual society, Short of funds for withdrawal?

no_more_f.w.o

culchied wrote: »

Your Church, folks, is morally corrupt

That's it ~ in a nutshell!!

freddiemae

BETRAYED wrote: »

The Society must be rescued.
Best way of giving under 20K savers money back.
PCI just want it to go away. Disgraceful.
Proper Legislation and Regulation will restore confidence.
If this does not happen the only option is to sue directors for incompetence or operating illegally.
Could Government gaurantees to British and foreign banks which created our problem be referred to the European Court?

I mentioned this before in a post round about January when they started talking about the EU elections. Under EU laws there is a consumer law called

"Collective redress" where a large group of consumers can sue together with each registered person gets a share of the payout.

Also under EU consumer law - misselling of financial products - saying you will not speculate then doing it qualifies in my mind-
http://ec.europa.eu/consumers/citizen/my_rights/unf_comm_prac_en.htm

MEPs are the ones to ask about this - look out for them at the polling stations and pick their brains. I will try and get more info about the "Collective redress" .

freddiemae

http://www.oft.gov.uk/shared_oft/reports/oft_response_to_consultations/oft983.pdf


This document is the Office of Fair Trading response to the "Collective Redress" consultation. Your administrator could be the channel for an action.


Keep up the pressure but don't put your trust in politicians - they will say whatever gets them out of a situation at the time.

brick

jon_groovy wrote: »

When asked to come on board as a director, they ought to have said, No, I'm am not qualified for this, I know nothing of handling 300million pounds.

jon_groovy - absolutely spot on (IMO).

crazymess

Presbyterian Mutual Society debate is played out on Twitter

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Wednesday, 3 June 2009



The Presbyterian Mutual Society (PMS) was not just being debated in Church House — impassioned discussion was also being played out on Twitter.

Members of the social networking website expressed their views of the controversy as the debate took place in real time — perhaps the first time that Twitter has hosted a debate on a church’s finances.
The Twitter page of BBC Radio Ulster broadcaster William Crawley presented his comments as the Church House debate unfolded.
One referred to a director of the society, who called his work “an extension of my service to the church”.
Another director defended the society’s board, protesting that directors “did not sell their souls for monetary gain”.
Rev Derek McKelvey was also quoted: “The Bible says Christians are not permitted to sue each other.” Mr Crawley continued: “Big applause. Might get him elected mod [moderator] next year.”
“Rev Shaw Thompson, 1st Dromara, describes pain he feels at solicitors letters threatening to sue him,” Mr Crawley observed in another tweet. Comment by the Sunday Sequence presenter ended with: “No resolutions brought. No voice raised to criticise church’s handling of the crisis.”
Another commentator remarked on his Twitter page: “Lots of transport analogies during PMS debate — boats in choppy waters, buses ...”
Someone else implied contradictions between the directors’ duties and their religious faith.
“Should the PMS directors as respected Christians allow their actions to be made transparent? If they have nothing to fear...”
He/she also raised whether savers were made aware that their savings were being put into property funds.

BETRAYED

jon_groovy wrote: »

I disagree with this part. I think some directors were guilty of pride (are we allowed to accume them of anything ). When asked to come on board as a director, they ought to have said, No, I'm am not qualified for this, I know nothing of handling 300million pounds. But they liked the idea of being invited onboard as a director.

In 2004 the money invested in the PMS was 99 million
2005 134 million
2006 220 million
2007 306 Million
Rev. Sidlow McFarland in Chairman's Report 2006
"At this stage we are confident that the Society is on a firm foundation and will continue to be a significant factor in our Church's life in the years ahead."

crazymess

Betrayed:

See between 2006 - 2007!!!! nearly £100 million increase

Due - surely - to the heavy promotional campaign through the CHURCH!

Were senior Ministers promoting individuals and congregations to put their funds in the PMS? - or commonly known now as THE MUTUAL SOCIETY - dropping the Presbyterian!!!!

seatzie

folks, again I have no connection with this situation, just hoping it gets sorted in your favour, has anyone tackled the issue of the auditors of the society, during their annual audit, should they not have spotted that business outside the stated intentions was being carried out, unregulated, and reported on such?

I'm assuming of course it did actually require an audit - presumably if it did the accounts/audit report are available at companies house?

Bannside_2

crazymess wrote: »

Due - surely - to the heavy promotional campaign through the CHURCH!

Were senior Ministers promoting individuals and congregations to put their funds in the PMS? - or commonly known now as THE MUTUAL SOCIETY - dropping the Presbyterian!!!!

I totally agree with you. I was speaking to my elderly parents last night about this PMS debacle. They have their life savings tied up in it and like everyone here it's money they worked hard to get. My mother said to me "You know if it had been called the Belfast City Mutual we would never have put our money in it but it was the Presbyterian Mutual Society. We thought it was safe". Of course like everyone here they feel so let down by the church and the PMS. But I'm sure like so many others they still continue to worship. The church has been part of their lives for more than 60 years. I am at a loss what to say to them!!

goodbyepci

crazymess wrote: »

Betrayed:

See between 2006 - 2007!!!! nearly £100 million increase

Due - surely - to the heavy promotional campaign through the CHURCH!

Were senior Ministers promoting individuals and congregations to put their funds in the PMS? - or commonly known now as THE MUTUAL SOCIETY - dropping the Presbyterian!!!!

Can anyone remember how the PMS was promoted/advertised?

There seems to have been a regular back page advert in the Presbyterian Herald.
The latest promotional leaflet I have dates from 2008.
There was a link from PCI Board of Mission website until 18th Nov 08.

Rev Davidson mentioned posters in the foyer of his church.

Was PMS advertised in any other way?

OR WAS IT ALL DONE THROUGH THE CHURCH!!