Tag: building societies

Shepshed Building Society joins with The Nottingham

Shepshed Building Society joins with The Nottingham

The Nottingham and Shepshed building societies will merge in July 2013, with Shepshed’s three branches being rebranded under The Nottingham name. Shepshed Building Society, which has branches in Shepshed and Loughborough, Leicestershire; and Ruddington, Nottinghamshire, has struggled to grow in the face of economic downturn and increased competition, prompting it to seek a merger. It […]

December 13, 2012 More
Building Society lending increased in July

Building Society lending increased in July

Building Society lending is increasing as mutuals attract customers from high street banks. Lending from building societies increased to £3.1 billion last month, a 14 per cent increase from June, according to the Building Societies Association. Building Societies gained a 24 per cent market share of gross lending in July, an increase of 17 per […]

August 30, 2012 More
14 UK banks could see credit rating cut

14 UK banks could see credit rating cut

Moody’s Investors Service has today announced it is reviewing 14 UK banks and building societies for downgrade due to the withdrawal of Government support. Elisabeth Rudman, a Moody’s Senior Credit Officer, said: “It has been initiated in response to ongoing guidance from the UK authorities (the Bank of England, the Financial Services Authority and the […]

May 24, 2011 More
Plans to create UK supermutual

Plans to create UK supermutual

The Observer newspaper has today reported that US private equity firm, JC Flowers, might bid for four UK building societies as part of plans to create a new “supermutual”, that could be sold via a partial flotation. It is believed that West Bromwich, Skipton, Norwich & Peterborough and Principality are being targeted. However, JC Flowers […]

October 24, 2010 More
Smaller building societies offer better rates

Smaller building societies offer better rates

Smaller building societies are often able to offer better interest rates on current accounts than big banks, a financial expert has claimed. Phil Perry, director of Ark Financial Planning, said smaller, regional lenders such as mutual societies can offer savers higher rates of interest because they have members rather than shareholders. “If the members are […]

August 5, 2010 More
Confidence in UK housing market slips

Confidence in UK housing market slips

Less than half of those contributing to the Building Societies Association’s (BSA) June Property Tracker survey think that now is a good time to buy a home. The confidence level slipped to 45%, down from 49% in March, possibly reflecting concerns about the state of the economy and the various austerity warnings issued by the […]

June 16, 2010 More
CBI reports signs of growth in UK financial services

CBI reports signs of growth in UK financial services

In its latest quarterly survey, the Confederation of British Industry (CBI) has reported signs of growth in the UK financial services sector, for the first time in two years. The study, which is carried out in conjunction with PricewaterhouseCoopers, reveals that 32% of firms questioned saw business volumes rise in the three months to early […]

October 5, 2009 More
Building societies against new regulations

Building societies against new regulations

The Building Societies Association (BSA) has expressed its concern over new regulations, proposed by the Financial Services Authority (FSA), saying they will disadvantage the industry. Proposals from the City watchdog include plans to restrict riskier types of lending by building societies, which according to the BSA, would have a “discriminatory and anti-competitive effect in the […]

September 7, 2009 More
Rates soaring on personal loans

Rates soaring on personal loans

Consumers taking out a personal loan are “paying through the nose” due to soaring interest rates. Banks are now charging an average APR of 10.32% on personal loans even though the Bank of England’s base rate has been held at a record low of 0.5%. This compares to an average personal loan APR of 8.71% […]

August 25, 2009 More
Mass exodus from building societies as banks stabilise

Mass exodus from building societies as banks stabilise

Savers withdrew £2.2 billion from building societies in June, the most in a single month since records began in 1955. This is compared to an inflow of over £400 million during the same month last year when savers, anticipating the collapse of banks, viewed building societies as a safer option. However, with banks now stable […]

August 3, 2009 More
Building societies anticipate positive 2009

Building societies anticipate positive 2009

Over half of UK building societies believe 2009 will be a positive year and that the economy will continue to improve in 2010. In a poll by the Buildings Societies Association (BSA), 55% of building society chief executives expressed high hopes for the year ahead. The majority also said consumers continue to trust building societies […]

June 1, 2009 More
Councils set to withdraw funds from building societies

Councils set to withdraw funds from building societies

The Sunday Telegraph has reported that local councils are planning to withdraw billions of pounds of deposits from building societies. The move follows the decision by Moody’s last month to downgrade the credit ratings of several building societies due to concerns they will be hit by losses due to the housing market slump. The downgrade […]

May 5, 2009 More
UK’s seven building societies in talks with BoE

UK’s seven building societies in talks with BoE

Crisis talks have been taking place over the weekend between the Bank of England (BoE) and seven of the UK’s building societies. The move follows last week’s decision by Moody’s to downgrade the credit ratings of several building societies due to concerns they will be hit by losses due to the housing market slump. The […]

April 20, 2009 More
Moody’s downgrades building societies to near junk-bond status

Moody’s downgrades building societies to near junk-bond status

Ratings agency Moody’s have downgraded several building societies due to concerns they will be hit by losses due to the housing market slump. The building societies that have been downgraded include Chelsea Building Society, downgraded from a C to E+, while West Bromwich has fallen from C- to E+. Furthermore, Britannia, Newcastle, Norwich and Peterborough, […]

April 15, 2009 More
CBI: Thousands of jobs to be axed in financial services

CBI: Thousands of jobs to be axed in financial services

A survey conducted by the Confederation of British Industry (CBI) has revealed that banks and other financial institutions are expected to cut a further 15,000 jobs in the next three months. According to the organisation, approximately 15,000 jobs have already been axed in the industry in the first quarter of this year, which will take […]

March 30, 2009 More
Building societies best for consistent interest rates

Building societies best for consistent interest rates

Buildings societies offer the most consistent interest rate on savings accounts, new research has revealed. A study by Moneyfacts.co.uk found that 79% of the most consistent savings account interest rates are at building societies, rather than banks. Since the Bank of England started cutting interest rates in December 2007 – and especially since the recent […]

January 28, 2009 More
Building societies become safe haven for savers

Building societies become safe haven for savers

The Financial Services Authority (FSA) has introduced a rule which allows merged building societies to keep their separate compensation limit. In the past, anyone with money in two building societies that merge could find only the first £50,000 of their savings protected. It is hoped that the new level of protection will mean that people […]

December 2, 2008 More