Should I leave the Co-Op Bank?

Archi_Bald

1jim wrote: »

Charity bank don't do current accounts for personal customers, more of a savings account type of place if that's what your looking for

...............savings accounts with even more abysmal rates than you can get in places that don't harp on about being ethical.

Thrugelmir

Anthorn wrote: »

When that propaganda fades we are fed another carrot and those carrots are being fed to us almost daily. Even The Co-operative Group threw a carrot in demanding a return of money from Rev. Flowers. I read somewhere that for the media it's a gift that keeps on giving.

I think that you under estimating the role of Chairman within a large organisation. It's not a figure head role. Normally they are people with a vast experience of the industry themselves gained from working within for many years. The take over of the Britannia BS certainly seems to have been a commercially bad decision. Flowers performance in front of the select committee merely adds fuel to the fire. That the entire board was inept and not fit for purpose.
The days of the Co-Op bank as an independent bank may well be numbered.

Anthorn

Thrugelmir wrote: »

I think that you under estimating the role of Chairman within a large organisation. It's not a figure head role. Normally they are people with a vast experience of the industry themselves gained from working within for many years. The take over of the Britannia BS certainly seems to have been a commercially bad decision. Flowers performance in front of the select committee merely adds fuel to the fire. That the entire board was inept and not fit for purpose.
The days of the Co-Op bank as an independent bank may well be numbered.

Rev. Flowers was a non-executive chairman. His role was most likely just chairing board meetings and nothing more. In any case whatever his duties he would not be involved in day to day company matters.

When the Britannia acquisition was first proposed he was not at the bank. His appointment of non-executive chairman coincides with the completion of the Britannia merger.

In 2009, following its merger with Britannia Building Society, Flowers was appointed non-executive chairman of The Co-operative Bank, on a salary of £132,000.

http://en.wikipedia.org/wiki/Paul_Flowers_(banker)

He was however on the board of Co-operative Group as deputy chairman since 2008 due to being on the board of the United Co-operatives merged the previous year.

What influence the Group had over the Bank we don't know.

Thrugelmir

Anthorn wrote: »

Rev. Flowers was a non-executive chairman. His role was most likely just chairing board meetings and nothing more.

Seems you wish to make the facts fit your view. As this is complete tosh.

Anthorn

Thrugelmir wrote: »

Seems you wish to make the facts fit your view. As this is complete tosh.

Not at all. Those are the facts.

Another fact is that all 20 directors in the Co-operative Group are non-executive.

Thrugelmir

Anthorn wrote: »

Not at all. Those are the facts.

Suggest you read up some more on legal responsibilities of Directors then. Both executive and non-executive.

Flowers was a business advisor to Ed Milliband. :eek:

Anthorn

Thrugelmir wrote: »

Suggest you read up some more on legal responsibilities of Directors then. Both executive and non-executive.

ok. http://en.wikipedia.org/wiki/Chairman

Thrugelmir wrote: »

Flowers was a business advisor to Ed Milliband. :eek:

Mr. Miliband says he wasn't

Archi_Bald

Anthorn wrote: »

Mr. Miliband says he wasn't

That would only be a play with words because Mr Miliband will be unable to deny that Flowers was a member of Labour's Business and Industry Advisory Group, from which Mr Miliband gets advice on business.

scumbium

I'm disgusted with the Co-operative Bank, I'm tempted by The Reliance Bank. An ethical bank. They don't believe in Credit cards. They will not encourage you into unmanageable debts like most other banks.

Thrugelmir

scumbium wrote: »

I'm disgusted with the Co-operative Bank, I'm tempted by The Reliance Bank. An ethical bank. They don't believe in Credit cards. They will not encourage you into unmanageable debts like most other banks.

Reliance Bank uses RBS as it's clearing house! That's about as unethical as you can get........