Manchester Building Society Info & Depositor Guarantee?

Smit1970

I recently opened an account with the Manchester Building Society -- they have a 2.71% account going on there. :T

Anyone know much about them? They employ systems that seem to have resurfaced from the 1970's: Deposits from only an account in your own name (No direct deposits from lawyers if you sold a house for example), no cash transactions over £250, deposits only accepted until March the 4th, etc. Things outside of their comfort zone like counter cheques from other building societies, bank drafts or overseas transfers seem to flummox them.

However, I want to know of they are covered by their own depositor guarantee licence or are they included in the guarantee of a larger financial institution. Does anyone know? I like to know whose basket my eggs are in before I load more cash in there. The staff at the branch in Manchester, whilst pleasant, all seem to be about twelve years old, and my various questions all involved them going to a desk in the back of the room to ask some busy-looking woman, as they didn't know the answers to much. (Really, the busy woman should have been on the front counter in person by the third question, but I digress)

A breeze around the FSA website and some light Googling hasn't helped me much. I recall there was some info on this subject on the MSE site somewhere.

Can anyone here point me in the right direction to find this out?

gt94sss2

Smit1970 wrote: »

Can anyone here point me in the right direction to find this out?

From their website:

Manchester Building Society is authorised and regulated by the Financial Services Authority and is a member of the Building Societies Association and the Council of Mortgage Lenders. Manchester Building Society is a participant of the Financial Ombudsman Service and the Financial Services Compensation Scheme.

FSA registration: 206048, Data Protection: Z6195779, Consumer Credit Licence: 208417
VAT number: 834 8454 06

Regards
Sunil

Smit1970

Thanks GT, I didn't notice that. Duh!

So the FSA website tells us this:

Current status: Authorised
Effective Date: 01/12/2001
Tied Agent:
Undertakes Insurance Mediation: Y
Registered under Money Laundering Regulations:
Address: 125 Portland Street
Manchester
Lancashire
M1 4QD
Phone:
Fax:
Email:
Website:
44 0161 923 8000
44 0161 923 8950
info@themanchester.co.uk
https://www.themanchester.co.uk
Notices: Able to hold and control client money only in respect of non-investment insurance contracts.

This would suggest they have their own licence and don't share it with another institution?

ultrawomble

Seems like it since they've sold off their subsidiary, Whiteaway Laidlaw Bank, just today:

http://menmedia.co.uk/manchestereveningnews/news/business/s/1406793_manchester_building_society_sells_whiteaway_laidlaw_