Give Nationwide Members a Say on the purchase of Virgin Money
The campaign for Nationwide members
26 April 2024 Dear FCA Mutual Societies team (cc Nikhil Rathi, Mikael Armstrong, Treasury Select Committee, Treasury action team, Bim Afolami MP, Julie Elliott MP bcc journalists that have covered this story) We have been sent your below response [1] by supporters of our campaign who have raised concerns about the Nationwide Building Society. We […]
Swindon, UK – The campaign to “Give Nationwide Members a Say on the purchase of Virgin Money” is calling on the Nationwide building society to publish its recent research into members’ attitudes to the proposed acquisition of Virgin Money. It is also asking the society to be transparent with members about any potential downsides if […]
Please read the latest update from Mikael – and please email Nationwide with your request as per the instructions below. — UPDATE FROM MIKAEL — Thank you to everyone who has signed and supported this petition. We are now past the 3,000 signatory mark which is 6x what is needed to bring a Special General […]
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 […]
Please use/adapt the below template and email your local MP. It is important that you include your name, address and post code at the end. Strict parliamentary rules mean that MPs are only allowed to help their own constituents. You can find our who your local MP is and their email address at:https://members.parliament.uk/members/commons – – EMAIL […]
Correspondence between PRA authorised firms, like Nationwide and Virgin Money, is in most case confidential. However through analysis of public documents that stipulate the obligations on authorised firms, it’s possible to glean what disclosures are required in certain circumstances, even if we don’t necessarily know the contents.
SATURDAY 20TH APRIL 2024 FOR IMMEDIATE RELEASE Nationwide say call for a Special General Meeting “not valid”: member vote campaign fights on with over 3,000 supporters The Nationwide Building Society has rejected a request for a Special General Meeting of the society, as supported by over 3,000 supporters, under the society’s rules. The campaign requested […]
WHY NATIONWIDE WILL BE FINANCIALLY WEAKER IF THE PROPOSED TAKEOVER OF VIRGIN MONEY GOES AHEAD A company’s balance sheet is made up of assets, liabilities and equity. In the case of Nationwide building soicety, the equity (or capital) in the business belongs to the members. In most takeover deals involving listed equity i.e. a company […]
SATURDAY 13TH APRIL 2024 FOR IMMEDIATE RELEASE Nationwide member vote campaign asks supporters to withdraw deposits The campaign for Nationwide members to have a say on the proposed takeover of Virgin Money is proposing that their supporters withdraw all but £100 from their Nationwide deposit accounts. The campaign has been protesting that Nationwide members should […]
WHY A VOTE IS EXPECTED UNDER THE BUILDING SOCIETIES ACT (1986) Section 92A of the Building Society Act (1986) specifies what should happen when a building society makes an acquisition. In effect, it states that a building society must resolve to do so by resolution (subsection 1), and such a resolution must be passed by a […]
