Nationwide customers angry at 'controversial' decision
'The truth is that mutuals have often been seen as niche: a 'nice to have but not essential',' says Peter Hunt, the founder of UK-based mutuals consultancy Mutuo.
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'Nationwide is a domestically systemic banking institution,' the Building Societies Association (BSA) chief executive, Robin Fieth, said this weekend. 'It gives scale and importance to the whole of our sector.'
James Sherwin-Smith, a longtime Nationwide customer, told the Guardian that Nationwide has been 'debasing … member rights … despite all the lovely positive PR that Nationwide puts out about having your say, and that they're a beacon for mutual good.
"When I scratch the surface of that, I do not find substance.'
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Edwin Fisher of the Building Societies Members Association said Nationwide is the 'most controversial, and has, in our opinion, the lowest standards of corporate governance'.
'They regularly churn out the line that members are the owners, but we all know that members have no say in anything,' he said.
'From the extensive engagement that we have with our members, we cannot see any evidence that our leading customer service, support for first-time buyers, growing market shares and record member financial value is in any way controversial,' Nationwide said.
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