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There is little reassurance for depositors with the failed Presbyterian Mutual Society in Northern Ireland from the United Kingdom Treasury.
Whilst billions have been poured into shoring up Britain's banks and the UK Treasury has `burned the midnight oil' in an effort to help UK depositors in failed Icelandic banks it appears PMS depositors are on their own.
The Treasury have however admitted to us that the Financial Services Authority was `asleep on the job' saying that the FSA had `concluded that the society was conducting regulated activities without the necessary authorisation or exemption'.
It is shameful that uncertainty still surrounds the financial security of the many small depositors with PMS. Their plight is made all the more poignant by the fact that UK Chancellor Alastair Darling, who should be protecting their interests, has been more concerned with his own financial fortunes – milking the Westminster expenses `gravy train'.
The Treasury (see below) have told the Celtic League that the UK Government `sympathises' with the situation of PMS depositors however this sympathy must be translated into action which includes practical financial support to secure their deposits.
"Dear Mr Moffatt
Thank you for your letter of 25th May 2009 to the Chancellor of the Exchequer regarding the Presbyterian Mutual Society (PMS). I can confirm that we have received several representations and letters regarding the PMS. The Chancellor receives a large volume of correspondence, and is not able to answer personally in all cases. Your letter has been passed to the Mutuals team at the Treasury as we deal with matters concerning policy and the Mutuals sector.
I would like to stress that the Government sympathises with the extremely difficult situation faced by members. You may be aware that organisations such as PMS, which are registered as Industrial and Provident Societies (IPSs), are exempt from regulation by the Financial Services Authority (FSA) in respect of accepting deposits in the form of withdrawable share capital. As members' deposits are held in the form of withdrawable share capital, societies should make clear to members that their deposits are risk capital. Under IPS legislation, any one member's shareholding is limited to £20,000. Being outside of FSA regulation, PMS and its members do not contribute to, and are therefore not protected by, the Financial Services Compensation Scheme (FSCS).
The FSA has investigated the activities of PMS and concluded that the society was conducting regulated activities without the necessary authorisation or exemption. However, on the basis of the information currently available to them, and applying the criteria in the Code for Crown Prosecutors, they have decided that it would not be right for them to take a case against any of those involved in running PMS. The FSA remains in touch with the administrator for PMS and have said that, if further information comes to light relating to the issues they have investigated, they will look into it.
The Administrator will be making a statutory progress report on or before 16 June and he hopes that a formal arrangement will be put to the members in September. The Administrator's website states he is currently finalising his investigation into the conduct of the directors of the Society prior to its administration and his findings will be presented to the Department of Enterprise, Trade and Investment shortly.
Thank you for bringing this matter to our attention and I hope that this helps to clarify the Government's decision.
Yours Sincerely
Nigel Tonks Savings and Investment"
Related article on Celtic News at:
J B Moffatt Director of Information Celtic League
11/06/09
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