Post Office investments at risk?

eskbanker

jimjames said:
Seen someone ripping up a book of stamps in protest at the actions of the Post Office without apparently realising that Royal Mail have nothing to do with the current situation.

Bizarre form of protest against a business (albeit the wrong one) to effectively make a (very minor) improvement to their profitability!

Albermarle

Stubod said:

Besides, I am sure there will be sufficient funds to pay their tax bill once all their chief execs have repaid all their bonuses???

Or melting down their gongs ?

Keep_pedalling

jaypers said:

I think I will now try to avoid Post Office for everything I can. They will certainly never have any of my savings. More disgusted by the day at the revelations being revealed. 

I am sure your local sub postmaster will be delighted by your decision 👿

penners324

You should be more worried by any investment in Fujitsu 

eskbanker

penners324 said:

You should be more worried by any investment in Fujitsu 

Why?  There's minimal impact to their share price thus far, and the fact that this story has been more prominent in the UK recently doesn't change the fact that it's been rumbling on for ever and is highly unlikely to have any significant effect on a massive multinational business.  Large and complex IT systems having bugs really isn't news in the way that many apparently seem to believe, and typically won't signify legal liability anyway, in that the customer will be required to conduct acceptance testing, etc....

surreysaver

jimjames said:

jaypers said:

I think I will now try to avoid Post Office for everything I can. They will certainly never have any of my savings. More disgusted by the day at the revelations being revealed. 

Just be aware that Post Office and Royal Mail are 2 different entities. Seen someone ripping up a book of stamps in protest at the actions of the Post Office without apparently realising that Royal Mail have nothing to do with the current situation.

Were they not the same entity at the time? When was British Telecom split off from the Post Office?

EthicsGradient

surreysaver said:

jimjames said:

jaypers said:

I think I will now try to avoid Post Office for everything I can. They will certainly never have any of my savings. More disgusted by the day at the revelations being revealed. 

Just be aware that Post Office and Royal Mail are 2 different entities. Seen someone ripping up a book of stamps in protest at the actions of the Post Office without apparently realising that Royal Mail have nothing to do with the current situation.

Were they not the same entity at the time? When was British Telecom split off from the Post Office?

They were the same when Horizons was introduced, and when the convictions, evictions etc. started. 

Competition to land lucrative parcel contracts remains stiff even as a pandemic-fuelled boom subsides. This was underlined in November, when the Post Office signed deals with rivals Evri and DPD to allow them to deliver some parcels sent from its branches, amid concerns over reliability of the service. Royal Mail was legally separated from the Post Office – the state-owned private company that operates 11,500 branches, and which has been embroiled in the Horizon IT scandal – in 2012, before the former’s flotation. The November contract ended Royal Mail’s 360-year-old monopoly on the service.
https://www.theguardian.com/business/2024/jan/07/dead-letter-office-royal-mail-wrestles-with-a-difficult-future

Whether there's anyone in Royal Mail management left who had a role in Horizons, I don't know - I suspect not, since senior management tends to turn over quite quickly, and junior management would have been more likely to stay in "their side" of the business. Protesting by ripping up stamps you've already paid Royal Mail for does seem pointless. If there's any action to do in solidarity with the victims, it'd be using sub-post offices whenever possible rather than main ones, I'd suggest, but probably this is one case where "let your MP know you're disgusted" really is the best thing - get the legislation through.

wolvoman

jaypers said:

I think I will now try to avoid Post Office for everything I can. They will certainly never have any of my savings. More disgusted by the day at the revelations being revealed. 

Sending more sub-postmasters into financial difficulty.

Nice.

Bostonerimus1

I think a few PO executive bonuses and pensions might be at risk.

km1500

Fujitsu have now founnd a 500m.hole in their UK pension fund - this is more likely to affect their share price.