Give Nationwide Members a Say on the purchase of Virgin Money
The campaign for Nationwide members
Mikael Armstrong, the leader of the campaign to “Give Nationwide Members a Say on the purchase of Virgin Money”, has been de-banked by the building society ahead of the AGM on 17th July. Mr Armstrong is now no longer a member of the society, so cannot attend or vote at the AGM.
The Competition and Markets Authority (CMA), the UK’s economic regulator, is one of three regulators – alongside the Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA) – who can veto the proposed acqusiition of Virgin Money by Nationwide building society. The CMA announced it would investigate the proposed acquisition on 31st May 2024. As […]
Swindon, UK – The campaign to “Give Nationwide Members a Say on the purchase of Virgin Money” has urged Nationwide members to vote “No to All” resolutions and against all candidates put forward for (re-)election by the board at the society’s upcoming Annual General Meeting. Electronic voting opens today, 10th June, ahead of the online […]
THURSDAY 23RD MAY 2024 FOR IMMEDIATE RELEASE Nationwide’s bumper profits are “hurting members everyday”, Virgin Money takeover will only “compound the misery”, and Fairer Share payment labelled an “ineffective bribe for a few, and an unfair, empty gesture for most.” “Never in the 250 year history of the building society movement was so much taken […]
13 May 2024 Press release re Allan Gray support for member vote, HM Treasury refusing to act and House of Lords debate on BSA amendment bill
With backing from HM Treasury, the campaign recommends members raise complaints with the society, and if still unsatisfied, with the FOS.
The campaign to “Give Nationwide Members a Say on the purchase of Virgin Money” accuses Nationwide of “poor communication and misleading statements” regarding the deal, and requests that Nationwide be “open and honest” with membership regarding the inherent costs and risks of the proposed acquisition. Further, after the society revealed that it is denying members a vote on a technicality, the campaign challenges the “legal safety” of the Nationwide board’s opinion, effectively disenfranchising 16 million Nationwide members.
26 April 2024 BACKGROUND The campaign began with a simple objective, as per the title of the petition started by Mikael Armstrong on 21 March 2024: to Give Nationwide Members a Say on the purchase of Virgin Money. It now has over 4,000 signatories. The immediate opportunity that the campaign identified was to request a […]
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 […]
