Thanks to all the new signatories since my last update. There are now over 1,500 of us, and the numbers are growing by over 100 every day.
It is now 5 days since the campaign submitted the petition, deposit and supporting information to request a Special General Meeting (SGM). The Society Secretary replied to say he “will respond once I have considered your questions fully” but Nationwide has still not posted notice of a SGM, or explained the delay in doing so.
The campaign is now of the view that Nationwide is deliberately running down the clock and not engaging with members’ valid concerns about the takeover. Twelve calendar days have now passed since clear questions were posed to the society regarding the legal opinion they are relying on for not calling a member vote on the proposed acquisition as expected under Section 92A of the Building Society Act (1986). Nor has the society answered questions posed at the same time regarding the practicalities of calling a SGM. Now Nationwide is refusing to act or acknowledge the request for a SGM, failing to abide by its own rules.
DIRECT ACTION YOU CAN TAKE, WHILE NATIONWIDE DELIBERATE
1) Move most of your Nationwide savings to a different institution
Hit Nationwide management and the board where it clearly hurts them the most - their pockets! Moving your money elsewhere is the best form of protest. You will probably get a better return on your money as Nationwide isn’t topping the best buy tables at the moment. Leaving £100 in your Nationwide account will maintain your membership rights including your ability to attend meetings and vote. More info here:
https://nationwide-virgin-money-member-vote.org.uk/deposits.html
2) Write to your Member of Parliament (MP)
MPs should be informed of your views given Nationwide appear to be not complying with the law or abiding by their own rules. Make sure your MP knows about this issue and that you want to know how Nationwide will be held to account. It’s an election year after all! The campaign has produced a template email for you, and instructions on how to find out who your MP is and their email address:
https://nationwide-virgin-money-member-vote.org.uk/email-mp.html
3) Raise a concern with Nationwide’s regulator - the Financial Conduct Authority (FCA)
The FCA regulates mutual societies. You can raise your concerns via an online form. All takeover deals are subject to regulatory approval, so the FCA has a role to play. The campaign has template entries you can use / adapt as you see fit:
https://nationwide-virgin-money-member-vote.org.uk/concerns.html
4) Join the campaign Facebook group
Please do join the campaign Facebook group - it’s the best way to keep you up to date with what’s going on, and has been a really useful source of new information and ideas from fellow supporters:
https://www.facebook.com/groups/1136814727659119/
Thank you for your continued support.
Kind regards,
Mikael