NI Presbyterian mutual society, Short of funds for withdrawal?

goodbyepci

http://www.theyworkforyou.com/wrans/?id=2011-09-05a.61957.h&s=Presbyterian+mutual+society#g61957.q0

Lakeland

Mark Orr's QC SC Letter published in Newsletter 3-9-11 Irish News 5-9-11.

Dear Sir;
I read with some interest the the Financial Services Authority in London is to take over responsibility for Credit Unions here.
As a Director of PMS, I had some experince of the FSA. It carried out an investigation into the PMS in an efficient manner and reached a speddy decision that action against unpiad volunteer directors was not appropriate.
While the transfer of responsiblity to the FSA is to be welcomed, I sound a word of warning to the existing and potential directors of Credit Unions or any community group organised as a company, particulary directors who act in an unpaid and voluntary capacity. There appears to be nothing in the new proposals to remove from DETI the right to proceed against all directors, unpaid or otherwise, in the event of a credit union finding itself in difficulty. The experince of the volunteer directors of the PMS withofficials in DETI has been unsatisfactory to say the least. (I acknowledge the support and help of the Minister in all matters relating to PMS.)
On 7th July 2009, DETI received frm the administrator, Mr Arthur Boyd, a detailed report on all aspects of the PMS. That report dod not recommend any action against any volubnteer director and indeed stated that there was no evidence that these unpaid volunteers had acted otherwise than " honestly and in good faith". To date there is no indication that DETI took any action in relation to the directors of PMS until after February 2010, when the conduct of some of its own officials was criticised in trencant terms by the treasury Committee cahired by John (Noe Lord) McFall.
Finally, in November 2010, just before the statutory time limit was about to run out, DETI commenced proceedings against five directors seeking orders disqualifying them from acting as company directors for a period of time. So far as I am aware, none of those five volunteers holsd any direcdtorships. Four are over seventy years of age and retired. The other volunteer, if disqualified, may face serious conseqences in hisn professional career. These highly unusual, if not unique, proceedings against volunteers are before a Master in the High Court.

David Cameron has used the expression, "Value the volunteer" regularly in his message on the "Big Society". If the experince of the PMS volunteers is anything to go by, thast message has not reached some of the officials in DETI and anyone considering accepting a voluntary directorship should think very carefully. I suggest that any queries sholud be addressed to the permanent Secretary at DETI, Mr David Sterling at [EMAIL="david.sterling@detini.gov.uk"]david.sterling@detini.gov.uk[/EMAIL]

Your faithfully,
Mark Orr QC SC, Belfast.

PS Very interesting that Mr Orr does not make reference that the "Paid" secretary of PMS is included in this disqualification. It will be very intersting to see if .the "Paid" secretary will challenge in court his disqualification

anotherDonald

Lakeland wrote: »

Mark Orr's QC SC Letter published in Newsletter 3-9-11 Irish News 5-9-11.

Dear Sir;
I read with some interest the the Financial Services Authority in London is to take over responsibility for Credit Unions here.
As a Director of PMS, I had some experince of the FSA. It carried out an investigation into the PMS in an efficient manner and reached a speddy decision that action against unpiad volunteer directors was not appropriate.
While the transfer of responsiblity to the FSA is to be welcomed, I sound a word of warning to the existing and potential directors of Credit Unions or any community group organised as a company, particulary directors who act in an unpaid and voluntary capacity. There appears to be nothing in the new proposals to remove from DETI the right to proceed against all directors, unpaid or otherwise, in the event of a credit union finding itself in difficulty. The experince of the volunteer directors of the PMS withofficials in DETI has been unsatisfactory to say the least. (I acknowledge the support and help of the Minister in all matters relating to PMS.)
On 7th July 2009, DETI received frm the administrator, Mr Arthur Boyd, a detailed report on all aspects of the PMS. That report dod not recommend any action against any volubnteer director and indeed stated that there was no evidence that these unpaid volunteers had acted otherwise than " honestly and in good faith". To date there is no indication that DETI took any action in relation to the directors of PMS until after February 2010, when the conduct of some of its own officials was criticised in trencant terms by the treasury Committee cahired by John (Noe Lord) McFall.
Finally, in November 2010, just before the statutory time limit was about to run out, DETI commenced proceedings against five directors seeking orders disqualifying them from acting as company directors for a period of time. So far as I am aware, none of those five volunteers holsd any direcdtorships. Four are over seventy years of age and retired. The other volunteer, if disqualified, may face serious conseqences in hisn professional career. These highly unusual, if not unique, proceedings against volunteers are before a Master in the High Court.

David Cameron has used the expression, "Value the volunteer" regularly in his message on the "Big Society". If the experince of the PMS volunteers is anything to go by, thast message has not reached some of the officials in DETI and anyone considering accepting a voluntary directorship should think very carefully. I suggest that any queries sholud be addressed to the permanent Secretary at DETI, Mr David Sterling at [EMAIL="david.sterling@detini.gov.uk"]david.sterling@detini.gov.uk[/EMAIL]

Your faithfully,
Mark Orr QC SC, Belfast.

PS Very interesting that Mr Orr does not make reference that the "Paid" secretary of PMS is included in this disqualification. It will be very intersting to see if .the "Paid" secretary will challenge in court his disqualification

Very interesting points, well spotted Lakeland

I'd be pretty worried also about the ability of a QC to spell correctly, or has he no spell checker on his computer?

:rotfl:

Lakeland

another Donald. Sorry the spelling mistakes were mine. I was copying from Newsletter hard copy only.

BETRAYED

Lakeland wrote: »

Mark Orr's QC SC Letter published in Newsletter 3-9-11 Irish News 5-9-11

PS Very interesting that Mr Orr does not make reference that the "Paid" secretary of PMS is included in this disqualification. It will be very intersting to see if .the "Paid" secretary will challenge in court his disqualification

I, for one, shall not be writing to the Permanent Secretary of DETNI
asking for proceedings against PMS Directors or the Secretary to be dropped.
Paid or not paid these people collectively or in part approved loans which put at risk our savings.
All of the PMS literature assured us that that would not happen yet some 11% of the total funds were given to one builder/developer.

I want to know
1. Why was the insurance, that these directors were supposed to have, never mentioned by the administrator?
2. When is the next report due from the Administrator?

trying_to_help

I thought that I would never post on this site but I feel that I must. I am a substantial investor who has had the benefit of advice from a close relative, a highly-qualified lawyer in London with over thirty years experience in company law. The advice given to me is that the scheme, as approved, is binding on all savers/investors - no further claims can be made and, in any event, there has never been a successful claim against unpaid non-executive directors' insurance. That insurance is now irrelevant. If anyone wants to take advice from a suitably qualified person, they are free to do so.

goodbyepci

http://www.belfasttelegraph.co.uk/opinion/letters/uups-conservative-link-has-paid-off-for-ulster-16052348.html

BETRAYED

Hugo Swire in N. Ireland Questions House of Commons 19 October 2011

Hugo Swire (Minister of State, Northern Ireland; East Devon, Conservative)I congratulate the hon. Gentleman, and his predecessor John Hume, on championing the cause of credit unions for many years. Thare 177 credit unions in Northern Ireland. They are part of the big society agenda, and we think they are great institutions. We want them to be able to expand and offer the services that credit unions in Great Britain currently can. He will agree that what is important during the change is that people with their money in those credit unions are properly protected. Like me, he will no doubt welcome the move to bring credit unions under the FSA or its successor, to protect them in a way that the Presbyterian Mutual Society savers were not protected.

Toastandbutter

News Letter journalist reports on twitter today that NI Credit Unions are getting £85k deposit protection in wake of PMS probe;-

http://twitter.com/Terrier_journo

Toastandbutter

FSA's report on RBS raises questions on PMS;-

http://twitter.com/Terrier_journo