NI Presbyterian mutual society, Short of funds for withdrawal?

joylikes2shop

http://www.youtube.com/watch?v=ZLyWi4HJPbg&feature=player_embedded



If you're not familiar with the really frustrating 'buffering' ...ie stopping and starting of the video clip...click on the pause button (just underneath the screen) wait for a minute or so until the clip 'loads' on to your computer, then click play...it should play more smoothly....

expat68

http://www.newsletter.co.uk/news/PMS-report-39within-weeks39.6009551.jp

BETRAYED

John McFall M.P. 's Blog

Treasury Select Committee visits Northern Ireland Assembly

The Treasury Committee held an evidence session this week in the Northern Ireland Assembly at Stormont. (Watch this on Stormont Live on BBC iPlayer - skip forward to 54:45.) We investigated the October 2008 collapse of the Presbyterian Mutual Society, which led to 10,000 customers losing their life savings. Many of the savers who were affected rightly told us that they feel completely forgotten since the bank collapsed, and their predicament is yet to be resolved.

We have received hundreds of letters from distressed savers who have suffered badly since the collapse of the bank. It is clear that, wherever the blame may lie, it is not the savers who are at fault. There must be political will, both at Westminster and at Stormont, to solve this crisis. The Treasury Select Committee we will be pursuing this issue further.

http://www.johnmcfall.com/blog_detail.aspx?i_BlogID=38&i_PageID=11010

freddiemae

http://sluggerotoole.com/index.php/weblog/comments/there-was-a-chinese-wall-and-people-were-quite-happy-with-it/

goodbyepci

http://www.belfasttelegraph.co.uk/business/business-news/treasury-committee-backs-call-to-expand-credit-union-services-14651706.html

crazymess

presbyterian mutual society : 1 Commons debate
==============================================

Financial Services Bill: New Clause 10 - Financial Services Authority regulation of Northern Ireland credit unions (25 Jan 2010)
[URL="mhtml:{D04F8A61-5E54-4334-8412-F1D2F2AB6917}mid://00000027/!x-usc:http://www.theyworkforyou.com/debates/?id=2010-01-25a.608.0&s=presbyterian+mutual+society#g612.1"]http://www.theyworkforyou.com/debates/?id=2010-01-25a.608.0&s=presbyterian+mutual+society#g612.1[/URL]
Andrew Love: ...to extend to members in Northern Ireland. As was
mentioned earlier, the Treasury Committee, of which I am a member,
visited Northern Ireland a week ago today. We were there primarily to
look at the *Presbyterian Mutual Society*, but we touched on regulatory
and other issues related to credit unions. The debate so far has summed
up some of the ambiguities between registration and regulation....


http://www.theyworkforyou.com/debates/?id=2010-01-25a.608.0&s=presbyterian+mutual+society

BETRAYED

Andrew Love MP continued.......

We were there to address those issues and our report will come out in the next few weeks.
On credit unions, it is important that we recognise the wider issues involved. Of course, we have to solve the problem of registration and regulation. It has been answered in the context of Great Britain because it comes within the ambit, overall, of the FSA to carry out both functions. As someone who takes an interest in this, I have to say that the FSA has been effective at regulating the diverse credit union movement in England and Wales and has, indeed, been able to ensure that depositors are protected and that the problems that have arisen are taken up. Indeed, it has sponsored bringing credit unions together when that is a more acceptable solution to the difficulties that they might otherwise get into. There are major advantages to extending such regulation of credit unions to the Northern Ireland membership.

A point worth noting (which was not raised at Stormont last week) was that the
Financial Services and Marketing Act 2000 brought in at Westminster did not mention Northern Ireland.
It is under this act that you can register with FSA and apply to join the FSA Compensation Scheme.
The Industrial and Provident Societies Acts (Northern Ireland) 1969 and 1976 under which PMS were 'registered' and had their Rule Book approved remained on the Statute Book.

john2009

BETRAYED wrote: »

Andrew Love MP continued.......


A point worth noting (which was not raised at Stormont last week) was that the
Financial Services and Marketing Act 2000 brought in at Westminster did not mention Northern Ireland.
It is under this act that you can register with FSA and apply to join the FSA Compensation Scheme.
The Industrial and Provident Societies Acts (Northern Ireland) 1969 and 1976 under which PMS were 'registered' and had their Rule Book approved remained on the Statute Book.

Financial Services and Marketing Act 2000 did extend to Northern Ireland. It still does.

I wish people on here wouldn't post things they don't fully understand.

expat68

http://www.newsletter.co.uk/news/Court-hearing-over-PMS-future.6016227.jp

BETRAYED

john2009 wrote: »

Financial Services and Marketing Act 2000 did extend to Northern Ireland. It still does.

I wish people on here wouldn't post things they don't fully understand.

John
Please tell me then why were PMS not told by Arlene Foster that under that act FSA were to regulate the societies registered under the N. I. Industrial and Provident Society Acts.
Same likewise for Credit Unions. They are only getting benefit of government guarantees in a bill today at Westminster.