NI Presbyterian mutual society, Short of funds for withdrawal?

fivealive_2

PhilMcGee wrote: »

I find this thread has become so dull, tedious and especially repetitive that someone needs to point this out to many of you.

Can i also encourage you good people of PMS to visit the scriptures and particularly Hebrews 13:5 . I quote :-


" Keep your lives free from the love of money and be content with what you have, because God has said, "Never will I leave you; never will I forsake you."


In the meantime can i suggest you get a life and get on with it !


And as a few of you guys here know me, please don't come back to me and say its ok for me cause im already very wealthy. That may be true but im still entitled to my opinion, and my opinion is that im so bored with this whole PMS situation.

Phyl

My husband is not computer literate but he has asked me to say on his behalf that "even the devil can quote Scripture when it is to his own advantage" Matthew 4:6
He also wants to know if you are a former Presbyterian who has gone off to some other more modern denomination and are now trying to wind us all up? I was not born into a Presbyterian family and in years gone by I have belonged to a Christian Fellowship, a Pentecostal Church and a Baptist Church, although not all at the one time, of course. My husband and I are raising our family within the PCI because we do not perceive the grass to be greener elsewhere and have been very blessed since we joined a local PCI congregation 18 years ago. Sorry for the long spiel but my dearly beloved wanted me to say all this.
:think:

expat68

freddiemae wrote: »

Well done Crazymess. Perhaps this info could be given to the Newsletter reporter - that article today seems to show that they are taking PMS savers seriously and challenging authorities on your behalf

The FSA regs are a minefield of jargon and complexity BUT I am convinced that the PMS fell through a gap in legislation as a result of being registered in N Ireland rather than elsewhere in the UK. As they seem to have been involved in "mortgage" activity this should have required them to be registered or regulated somewhere. None of this actually helps now but I think there is an increased awareness that PMS investors have been failed by many people and that this needs to be somehow remedied. It is reassuring that the Newsletter seem to have a means of directing quality questions to those who should have the answers.

warmhands.coldheart

mackm wrote: »

Has anyone so far who actually lifted their money during the 'run' contributed to this discussion?
If not, would some such person like to tell us what led to their decision to lift money just at the right time?
Did their bank so advise?
Had they 'inside' information?
Or had they foreseen the problem for themselves?

My Parents church lifted their money out 1 week before it went into administration. Sorry I don't want to name names or the likes as I am no longer a member of that church.

As per your queries.

what led to their decision to lift money just at the right time?
On the recommendation of a very astute (and financially savy) member of the church elders.

Did their bank so advise?
Not that I'm aware..

Had they 'inside' information?
Not that I'm aware..

Or had they foreseen the problem for themselves
Possibly.. the person has a number of properties themselves and possibly saw what was going to happen


I really can't blame them from doing it.. and I have to say I would challenge anyone on thios thread to say they wouldn't have done the same if they had any smidgen of a notion something was up... (BE HONEST!!)

I think Crazzymess may be onto something.. all info gathered that sounds suspect should be forwared to the media.. they could be our saviour in many ways as no politicans like bad press..

southantrim3

Hi guys, thankfully I'm a bystander in this whole PMS thing as I don't have any savings at all, never mind not having any in PMS. I'm curious to know who in here is in the know - as in works in Church House, is the Clerk, Deputy Clerk or such like keeping a wee eye on this thread. I'm sure others of you must be curious about this as well....

Nomad25

Welcome southantrim - your first post on this thread I think.

as in works in Church House, is the Clerk, Deputy Clerk or such like keeping a wee eye on this thread

Oh I do hope so and I hope it makes all of them very uncomfortable.. At least they'll know people are not going to let it go.

Ballygal

I hope that some day when all this is done and dusted and we have got our money back that we can all go out for a meal somewhere together and put faces tI hope that some day when all this is done and dusted and we have got our money back that we can all go out for a meal somewhere together and put faces to pen-names’

Put my name down for that meal too!!
While Phyl/Phil has probably upset many other folk as well as myself with his/her comments, it is so good to have this morning's posts to cheer and bring a wee smile on our faces.
They are why this forum is so special. People caring for each other in different ways. One who does research on FSA, or one who so regularily posts up the daily newspaper links, these are the people I appreciate on this forum. :grouphug:
Despite not knowing each other I feel there is a real bond in our mutual situation, and our determination in supporting each other-- by what ever means we can.
I had an day off work today and instead of cleaning, ironing or doing other household stuff i have broken the boring tasks by an occasional few minutes on our forum (which I never find boring:D )
Once i found out (via this forum:T ) that Mandelson was meeting our politicians i wrote off an email to them just highlighting the issue prior to the meeting. May have been too late and not even read but doing little things like this makes me feel better!:D

southantrim3

Thanks for the welcome Nomad. Yea, Donald did look like a rabbit with a car's headlights shining at him. It's kinda worrying if that was the best that PCI could do for a prominent TV programme that lots of Presbyterians would be watching. I'm sure there were a few other people who could have done the job way better (take for example John Dunlop.)

Bannside_2

goodbyepci wrote: »

Hi Donald :wave:

You know I see little things like this and I smile to myself. I think it's great that during this difficult time people still have their sense of humour. Great stuff!

:T

sickasaparrot

Before reading this please bear in mind I do not have a background in law, however having suspected there are grey areas in the legislation covering PMS, I asked the following questions of the FSA by email.

Could you answer the following questions in relation to Mutual Societies in Northern Ireland?

1. Is it possible under current legislation for a Mutual Society in Northern Ireland to be registered and regulated by the FSA?
2. Is it possible under current legislation for a Mutual Society in Northern Ireland to be covered by the FSA compensation Scheme?

Today I received the following email:-

I write in response to your email concerning the registration and regulation by the FSA of mutual societies in Northern Ireland and the protection available to the members of these societies.
1. There are different types of mutual society. The Act under which a society is registered and its business activity will determine which authority registers and which authority regulates it. Under current legislation, building societies in Northern Ireland are both registered and regulated by the FSA. Credit Unions and Industrial & Provident Societies in Northern Ireland are registered by DETI.

2. The FSA does not regulate credit unions in Northern Ireland, so their members do not have access to to the Financial Services Compensation Scheme ('FSCS'). Further details of the FSCS, and the limits which apply, may be accessed [URL="blocked::blocked::http://www.fscs.org.uk/consumer/key_facts/Limitations_of_the_scheme/"]here[/URL].. Supervision of credit unions is a matter for DETI.

3. An Industrial & Provident Society registered by DETI in Northern Ireland would be subject to regulation by the FSA only if it carried on an activity for which authorisation under the Financial Services & Markets Act 2000 was required. If it is an authorised firm, its members would, like building societies, have access to the FSCS.

As clear as mud!!!
Can anyone shed any light on this??

sickasaparrot

Apologies for the confusing mess in reply from FSA. This was copied from outlook and for some reason has appeared with fonts and all!!