NI Presbyterian mutual society, Short of funds for withdrawal?

goodbyepci

News Letter
http://www.newsletter.co.uk/news/Bank-lifeline-urged-for-PMS.4967379.jp

john2009

jon_groovy wrote: »

John,

How do we go about letting the administrator know ?

Jon,

You should tell the administrator in writing (email, fax or letter). But in my experience he will require some evidence. If it is a hunch or suspicion he will probably not look at it. You will need to give him some specifics.

Hope this helps.

john2009

jon_groovy wrote: »

Is it something he will look into automatically ?

He will but sometimes the numbers on a spread sheet dont tell the real story so administrators often need a steer as to what they should be looking at.

joylikes2shop

:happylove I don't think this info has been posted here before.... but just a wee bit more stuff to read ......


http://www.theyworkforyou.com/ni/?id=2009-02-09.8.31&s=presbyterian+mutual#g8.39

crazymess

joylikes2shop wrote: »

:happylove I don't think this info has been posted here before.... but just a wee bit more stuff to read ......


http://www.theyworkforyou.com/ni/?id=2009-02-09.8.31&s=presbyterian+mutual#g8.39

Surely the PMS did undertake activities within the FSA guidelines and should therefore have been regulated by them?

Accepting deposits

Arranging house finance activities


See www.fsa.gov.uk

expat68

crazymess wrote: »

Surely the PMS did undertake activities within the FSA guidelines and should therefore have been regulated by them?

Accepting deposits

Arranging house finance activities


See www.fsa.gov.uk

On accepting deposits they did not do this - hence the shares and loans rather than normal straightforward deposits. To you and me a deposit was made but not under law.

On the mortgage activity and accepting charges/ security on the assets then I think think is focus of FSA enquiries as this is a regulated activity.

expat68

http://www.newsletter.co.uk/news/Bank-lifeline-urged-for-PMS.4967379.jp

dont think this has been posted yet - missing you freddiemae !

Oops - apologies, goodbyepci already did it earlier.

Ties up with Ms Fosters comments re not all eggs in one basket

I think the letters from people really badly hit by this seem to have an impact - even politicians have hearts so if you havent writtent to your MLA/ MP yet then do it now.

D.A.

expat68 wrote: »

On the mortgage activity and accepting charges/ security on the assets then I think think is focus of FSA enquiries as this is a regulated activity.

This is the part where I also think that the PMS could fall foul of the FSA. I suppose it depends on the legal definition of mortgage lending - i.e. does lending money to a property developer (or private individuals) by PMS to enable them to buy property legally constitute giving them a mortgage?

fivealive_2

joylikes2shop wrote: »

:happylove I don't think this info has been posted here before.... but just a wee bit more stuff to read ......


http://www.theyworkforyou.com/ni/?id=2009-02-09.8.31&s=presbyterian+mutual#g8.39

Read all that and found it very interesting, thanks. I like this phrase:
"The Presbyterian Mutual Society is, in many ways, unique, in that of the many other industrial and provident societies in Northern Ireland, none took money and invested it in the way in which the PMS did."
Now, therein lies a multitude.....................

I also thought that a chara,Paul Butler of Sinn Fein had a quare grasp of the issues when he said:
"Does the Minister share the concern that some of the activities of the Presbyterian Mutual Society went far beyond the remit of its founding principles, which are based on helping each other, particularly in regard to some of the investments made and some of the concerns, for example, in the administrator’s report about, possibly, mortgage provision, which went way beyond that remit."

I think that when we are liaising with MLA's that we need to communicate with ALL the MLA's; not just those we have traditionally relied upon; you never know where help might come from.
:idea:


P.S. Joy, where did you get the cute girlie smilie from?

fivealive_2

fivealive wrote: »

I also thought that a chara,Paul Butler of Sinn Fein had a quare grasp of the issues when he said:
"Does the Minister share the concern that some of the activities of the Presbyterian Mutual Society went far beyond the remit of its founding principles, which are based on helping each other, particularly in regard to some of the investments made and some of the concerns, for example, in the administrator’s report about, possibly, mortgage provision, which went way beyond that remit."

I think that when we are liaising with MLA's that we need to communicate with ALL the MLA's; not just those we have traditionally relied upon; you never know where help might come from.
:idea:

The contact details for Paul Butler, MLA for Lagan Valley are:
Contact Address:Parliament Buildings
Belfast
BT4 3XX

Telephone Number:02890521471
E-Mail Address:[EMAIL="Paul.Butler@niassembly.gov.uk"]Paul.Butler@niassembly.gov.uk[/EMAIL]

Remember that we do need cross party support.