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?
Options
Comments
-
-
To Mr McGee - First please excuse any mistakes i am only getting used to using a computer. Last night after reading your first post I cried - I have got used to long nights of worry but last night i felt at my lowest. A lot of people face a future not knowing how they are going to manage. After years of hard work and many many struggles we retired and entrusted our savings to pms i am sure you would say foolishly but it was done in good faith after being assured it was totally safe.We were just looking forward to taking things a bit easier, nothing grand, maybe some visits to our grandchildren we were never used to holidays - now basic bills are a worry. I ask that when you look at this forum remember to most of us this is our only form of communication and information and has been a very small light at the end of a very dark tunnel. I wish you and and your family well.0
-
freddiemae wrote: »
REF: THE NEWSLETTER TODAY
WHO IS RESPONSIBLE THEN AS THE MUTUAL SOCIETIES WERE NOT COVERED HERE IN NI?
DETI SAY ITS NOT THEIR RESPONSIBILITY
BUT WHY THEN WERE ENGLAND, SCOTLAND AND WALES ALLOWED TO BE COVERED?
THERE MUST HAVE BEEN A GAP IN THE LEGISLATION HERE IN NI SURELY?0 -
freddiemae wrote: »
So DETI is happy to take on the role of allowing Industrial and Provident Societies to be set up and put in the position where they can legally take peoples money but once that is done it has no responsibility.....so DETI dont regulate (despite what UK government say), UK government dont regulate (despite what DETI say), FSA dont regulate (as we all know). Should DETI have been allowing such bodies to be set up in the knowledge that they were to all intents and purposes unregulated.
Dont think any elected official can take great pride in this mess just now - all we can hope is that someone with some morals and sense of right steps up and sorts out this mess. Reassuring that Ms Foster is taking action now but seems to be a case of closing the stable door........makes you wonder if there are any other disasters waiting to happen as a result of past inactions on legislation and regulation.0 -
Mr MCGee
Remember when you write on these threads you are communicating your thoughts!! to people who are very worried about their life's savings, pensioners who will never be able save that money again.
They put their money in the PMS in the knowledge that it was in safe hands.
I hope you or any member of your family ever have to go through this ordeal, and worry about the future, and how they are going to pay their bills.
I to wish you well0 -
"Our Society is one of the great successes of our Church"
Rev. Sidlow McFarland - Chairman's Report - PMS Annual Report and Accounts 20070 -
OMG ! OMG ! OMG !
I feel i am totally misunderstood by initial post and want to apologize to anyone who has been offended by it. I simply wanted to say i was getting bored with all this PMS chat, thats all !
I did not say i was unsympathetic and certainly did not say folks deserved it for not reading the small print or enquiring about guarantees when investing their capital. Others before me have said this, and i believe that that attitude is so cruel.
Again, apologies peoples, i am on your side in this disgraceful situation that has been permitted to occur.
Phyl McGee
If you feel that your original post was missunderstood,and you are on the side of the investors, I cant help wonder what you ment by your next post.....
Quote:
Can i politely request that you add "Greedy Protestant Capitalists" to your list of injured parties.
Phyl
X.0 -
So DETI is happy to take on the role of allowing Industrial and Provident Societies to be set up and put in the position where they can legally take peoples money but once that is done it has no responsibility.....so DETI dont regulate (despite what UK government say), UK government dont regulate (despite what DETI say), FSA dont regulate (as we all know). Should DETI have been allowing such bodies to be set up in the knowledge that they were to all intents and purposes unregulated.
Dont think any elected official can take great pride in this mess just now - all we can hope is that someone with some morals and sense of right steps up and sorts out this mess. Reassuring that Ms Foster is taking action now but seems to be a case of closing the stable door........makes you wonder if there are any other disasters waiting to happen as a result of past inactions on legislation and regulation.
Surely we need to find out why the PMS couldn't or didn't get regulated........
Was it because NI legislation didn't have anything in place????? DETI - need answers.
Was it that the PMS didn't come into the PERIMETER GUIDANCE of the FSA - in other words - in the early days PMS could have perhaps got regulated but then they changed in 2003 and lent out money to new TYPES OF PEOPLE and took money under a different set of rules ................... a bit mumbly here - but trying to work this out.
Seems as if the word investment or savings is crucial here ...............
WHY DID THE GOVERNMENT BAIL OUT THE LONDON/SCOTTISH WITH 10000 SAVERS OR INVESTORS WITH 270 MILLION INVOLVED? THEY WRE FSA REGULATED.
The answer is in here somewhere ................. Unfortunately I don't know all the legalities - but seems to me DETI didn't do something and PMS changed the operation of their business perhaps ?????????????
Anybody legal out there that can help in this minefield??????????0 -
me again...................
Maybe someone else on this thread can check a few of these things out.
Spoke to FSA this morning. Please see their website www.fsa.gov.uk and look at who needs to be registered with them.
If a financial institution takes deposits or finances homes they MUST be regulated...................
It incurs a high levy..................
But I think - we are shareholders up to 20,000 and then the PMS gives out loan receipts for anything above 20,000 - apparently they still need to be regulated by FSA
It seems as if someone didn't do their job properly ............
Buy-to-lets not regulated by FSA - but guess what - need to be regulated under the OFFICE OF FAIR TRADING - CONSUMER CREDIT ACT - need to get a Consumer Credit Licence .................
THE PMS SEEMS TO HAVE STARTED OFF IN 1982 AS A CREDIT UNION TYPE THING AND THEN THE WHOLE THING GOT SO BIG THAT THE PROPER REGULATIONS WEREN'T PUT IN PLACE.
Oh my - WHAT AN ABSOLUTE MESS0 -
One more thing - and then I really am going to try and earn some money>>>>>>>>>>>>>
Think we are getting letters tomorrow from Administrator - but not a word to anyone.....................0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.3K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards