Lambeth BS windfall for members

Lorian

ReportInvestor wrote:

In fact we went all the way to the FSA Portman/Lambeth merger hearing, but our representations were formally rejected last month .

See this FSA ruling

The relevant sections are 4.7 and 5.5.vi

Interesting that it speaks of trustees "acting for" and "only the child will become a member".

Maybe I signed up under different (earlier) rules. I recall a child couldn't be a member, so the adult had to be.

ReportInvestor

You might have heard all sorts of gibberish at the tills. The cashiers aren't legal experts and may not know the board's policy.

Not surprising, since the board appears to have had different policies at different times :rolleyes:.

Speculator

If you are both a member of the Portman and Lambeth, does that mean you will receive three merger bonuses?

Robert_Sterling

ReportInvestor wrote:

Not surprising, since the board appears to have had different policies at different times :rolleyes:.

It is not surprising that the board have different policies at different times.
Although the board can not be told what to do they do take into consideration the views of their members.

steady__eddie

Speculator wrote:

If you are both a member of the Portman and Lambeth, does that mean you will receive three merger bonuses?

Regretfully not, Nationwide members will get nowt, except of course the opportunity to be a member of an enlarged organisation offering far more products. At this point, I must declare my interests being a member of all three Societies (well until the end of this month anyway).

Lorian

ReportInvestor wrote:

You might have heard all sorts of gibberish at the tills. The cashiers aren't legal experts and may not know the board's policy.

Not surprising, since the board appears to have had different policies at different times :rolleyes:.

I happen to have a duplicate copy of the account application form, so the T&C's are quite black-and-white as far as who's the member in my case.

Edna_Bucket_2

Lorian wrote:

Interesting that it speaks of trustees "acting for" and "only the child will become a member".

Maybe I signed up under different (earlier) rules. I recall a child couldn't be a member, so the adult had to be.

The former CEO David Hayward, who actually set up these kids accounts at the Lambeth said that applications forms with the childs name second shouldn't have ever been accepted and should have been returned to be corrected, so you probably have a claim for maladministration to put in to the FOS, like anyone else in this situation.

lipidicman

ReportInvestor wrote:

Portman has a signaway clause.
Lambeth has a signaway clause - which doesn't count when you get taken over by a larger BS like Portman.
Portman won't be a target for a larger BS coz only Nationwide is significantly larger and Nationwide don't need the hassle of rationalising & integrating branch networks when they are growing so strongly anway.
So only hang onto them if you personally think they want to be bought out by a bank or demutualise - in which case they would probably waive the signaway clause.

Glad I decided it was worth a punt to leave my ISA with the Portman.

And it was thanks to this thread, without it I wouldn't have known that 'signaway' accounts can still attract bonus payments!

ReportInvestor

You're too kind. If anything said on this thread has helped make you money then I'm delighted .

but look at my mega gaffe

Portman won't be a target for a larger BS coz only Nationwide is significantly larger and Nationwide don't need the hassle of rationalising & integrating branch networks when they are growing so strongly anway.

What I didn't then know was the mess of Nationwide's back office. It seems the Portman people, and probably the Portman Bournemouth HQ, will be used to rationalise it and cut costs.

Lesson to learn in the strange land of society mergers? Never say never.

lipidicman

ReportInvestor. I was well aware of your gaffe! However, the point is without this thread I didn't know I had a chance despite the signaway. That chance was enough for me to leave a year's ISA subscription with the portman and not move it for 0.25% extra interest. So I ignored you, yet benefited from your advice!