Closure of Portsmouth Building Society?

SusanSpain

My father has just informed me that the above (which now has/had new owners - possibly C&G/Lloyds - but I'm not sure - so would welcome clarification from anyone in the know)... have gone bust and he has just been sent a cheque for 85K under the FSCS pay out scheme.

If anyone could tell me what the new company was, I would be greateful, as I am looking into making sure he has no other large investments in banks/building societies that have links with each other.
I know he is going to place the money elsewhere, and I hope this time he will listen to me to a) put 82K only as man in any one place and b) make sure it has no links within a group.

PS - I do despair as he lost over 10K this time round (and he had the maximum payout).

PPS - I have been searching high and low on the net to find out about this, but I guess unless I have the current companies name, I am going no where fast.

alanq

The only failure I have seen in the news has been "Southsea Mortgage and Investment Company".
http://www.dailymail.co.uk/money/article-2004494/Savers-face-losing-money-government-wont-rescue-failed-bank.html

"While just a small number of savers will lose out in this instance it is significant because it is the first time that depositors will likely lose money in the collapse of a bank."

opinions4u

SusanSpain wrote: »

My father has just informed me that the above (which now has/had new owners - possibly C&G/Lloyds - but I'm not sure - so would welcome clarification from anyone in the know)... have gone bust and he has just been sent a cheque for 85K under the FSCS pay out scheme.

I'm only taking this from memory.

I think Cheltenham & Gloucester merged with the Portsmouth BS in the early 1990s. C&G were subequently taken over by Lloyds TSB.

The Portsmouth name is no longer used and Lloyds TSB and C&G both still exist.

EDIT: I'm right ... 30th June 1991.

If anyone could tell me what the new company was, I would be greateful, as I am looking into making sure he has no other large investments in banks/building societies that have links with each other.
I know he is going to place the money elsewhere, and I hope this time he will listen to me to a) put 82K only as man in any one place and b) make sure it has no links within a group.

PS - I do despair as he lost over 10K this time round (and he had the maximum payout).

PPS - I have been searching high and low on the net to find out about this, but I guess unless I have the current companies name, I am going no where fast.

If I'm right, the FSCS money is nothing to do with Portsmouth BS.

EDIT: It looks like the Southsea Mortgage and Investment Company.

ChiefGrasscutter

The Portsmouth B.S was bought by the Cheltenham & Gloucester(C&G)
The C&G was bought by Lloyds Banking Group.

If he recently received a cheque it sounds more likely he was an investor in the Southsea Mortgage & Investment Company
See link to the FSCS new page below
http://www.fscs.org.uk/news/

(Edit poster opinions4u got in first!)

SusanSpain

Thanks for all replies. I am guessing it was the Southsea mortgage co as he mentioned that all the loans to builders had been defaulted on...
I will try to get him to fill in the forms to recoup the extra money not covered by the FSCS.

I hope this has sent a message to him that his money is not safe over the FSCS limit! (Seems he was one of the 'unlucky 14' Arrgggh!)