NI Presbyterian mutual society, Short of funds for withdrawal?

red_bertie

From my reading, it would appear that PMS are outside FSA control and regulatory matters for the oganisation is the DETI's responsibility???

crazymess

1.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.



So its seems that the PMS started off like a Credit Union type thing and progressed into the BIG GAME - and probably all the legal eagles are now checking did the PMS carry on activity for which authorisation was needed under the Financial Services and Markets Act.

Which surely they did??????????? loans for houses???????????

Did we have deposits?????????????

Its a shambles

crazymess

Was there a meeting today of the Board in PCI?????????

Was there a mention on Radio Ulster today of a development???????

Can anyone enlighten?

presbyteriannomore

crazymess
It seems there was a meeting of representatives of all 21 presbyteries today. Check out the report on Radio Ulster Evening Extra on iplayer, it's about 40 minutes into the programme. http://www.bbc.co.uk/iplayer/console/b00hbnvf

amadan22

if the pms isn,t regulated by fsa, why does the administrator have to report back to them!? i'm presumming his time and effort doing so are paid for by us!?

fivealive_2

presbyteriannomore wrote: »

crazymess
It seems there was a meeting of representatives of all 21 presbyteries today. Check out the report on Radio Ulster Evening Extra on iplayer, it's about 40 minutes into the programme. http://www.bbc.co.uk/iplayer/console/b00hbnvf

Thanks for that, it is 39 minutes into the programme and it is worth listening to. It would seem that the PCI are at last starting to listen to what church members have to say about the PMS problem.

fivealive_2

amadan22 wrote: »

if the pms isn,t regulated by fsa, why does the administrator have to report back to them!? i'm presumming his time and effort doing so are paid for by us!?

Yes, I see that you are Amadan by name but not Amadan by nature!
Is mise le meas,do chara dhilis.
(You see not all Presbyterians are British, some of us are Irish born and bred)!
:hello:

OldJohn

Surely the dividend the PMS would have paid this year was going to be around 6% - Money in from loans (interest) + rent from commercial property = Dividend. Bank of England base rate should not have a significant effect on Dividend - this year anyway.
If they had left their funds in the PMS (wonder what return they are getting now?) they would have been in line for a nice dividend - now everyone gets nothing, thank you to all who grabbed their money and ran.
There are many reasons/people who contributed to the current situation, maybe some of the high rollers who considered their money more important than what could happen to the needy of the shareholders should reflect on that! We should continue to remember the very needy at this time in our prayers as I'm sure many of you do, for them it's less to do with loving money than surviving. Thankfully we have a loving Saviour who cares for us. Thank you for the many encouraging posts and indeed the smilies.

fivealive_2

OldJohn wrote: »

We should continue to remember the very needy at this time in our prayers as I'm sure many of you do, for them it's less to do with loving money than surviving. Thankfully we have a loving Saviour who cares for us. Thank you for the many encouraging posts and indeed the smilies.

Amen and amen.:T

goodbyepci

OldJohn
I think if you borrowed from the Society you paid back on 1st June and 1st Dec and the interest you paid was 2% above Bank of England base rate.
So presumably this year because of falling interest rates the borrowers would have been paying less interest?
I think the administrator has capped the rate at 3% but I'm not sure.

It's all academic now anyway

Goodnight all, I'm all PMS'd out for today

Sleep well

:wave: