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Raise a concern with the mutual regulator - the Financial Conduct Authority

Another form of direct action that members can take - given that Nationwide is not bringing a vote or calling a Special General Meeting (SGM) to affect the same - is to raise a concern with the mutual regulator: the Financial Conduct Authority.

The suggested grounds of the concern are that Nationwide is not abiding by the law (S92A of the BSA 1986) or following their own rules re calling a Special General Meeting (SGM) as requested by members.

Suggested inputs for the FCA form are provided below for members to copy/paste/edit as they see fit.

This is the link to the FCA online form to register a concern about a mutual.

Proposed inputs for members to register their concern

* Your relationship with the society:

Member of the society

* Society name:

Nationwide Building Society

* Society number:

355B

* Briefly explain your concern

1) Nationwide is proposing to takeover Virgin Money for £2.9 billion but is not holding a member vote to approve the deal as per the law as stipulated in Section 92A of the Building Society Act 1986.

2) Nationwide have not called a Special General Meeting despite the requirements for a SGM being met under the society’s rules.

* What action have you taken so far

Members have written to Nationwide to ask why they are not holding a member vote on the proposed acquisition given S92A of BSA(1986). The society has not answered.

Members have written to Nationwide seeking clarity on the practicalities of calling a SGM. The society has not answered.

Further, I have requested a Special General Meeting under the rules, but Nationwide is not acting on this. The campaign has delivered a petition of 1,000 signatories in support of a SGM with individual names and addresses, and handed in a cheque for £25,000 (500 x £50 for each qualifying member) to cover the required deposit. The campaign has also proposed a resolution and a supporting statement of less than 500 words. Nationwide has not called a SGM as required under society’s rules.

* What outcome would you like to see?

I would like a member vote on the proposed acquisition of Virgin Money in compliance with S92A of BSA (1986).

If Nationwide refuses, I would like Nationwide to explain in detail why the society isn’t complying with the law AND I would like Nationwide to call a SGM under the societies rules.