Latest news with #CumberlandBuildingSociety
Yahoo
7 days ago
- Business
- Yahoo
Students: Don't fall victim to fraud
Leaving home to go to university is an exciting and life-changing moment for many young people. But it could be a time of peril too as criminal fraudsters are ready to prey on students who might not be financially savvy. In some of the worst-case scenarios students can be duped into laundering money, which could leave them with a criminal record. The Cumberland Building Society says there are sensible steps all students can take to avoid falling victim. Martin Rickerby, the Society's financial crime manager, identifies accommodation fraud as one of the biggest risks to them. He says: 'This is where criminals advertise fake accommodation, demanding payment up front to secure it. 'We've seen cases where students have been pressured into making deposits for accommodation that doesn't exist. 'It's particularly prevalent around clearing when students have managed to secure a university place somewhere they hadn't necessarily anticipated, and are desperate to find somewhere to live.' He advises students to view the accommodation in person and make sure they know who they are dealing with before parting with any money. Ideally, use a letting agent signed up to a professional body and be wary of accommodation advertised at a very low rent. If it looks too good to be true, it probably is. Never pay for accommodation using a third-party service which involves the transferring of cash directly to a person, because current account providers cannot recover the payment if it turns out to be fraudulent. Another hazard, Martin warns, is for students looking for extra income to be roped in as money mules to clean the proceeds of crime. This occurs when illegally sourced money is placed through multiple bank accounts to make it appear genuine and for it to be harder to track back to its origins. They could be asked to make deposits into their current account in exchange for a commission or payment. He says: 'In some cases, the student wouldn't realise they were money laundering or the wider impact it could have on them should they be caught.' Money laundering is a criminal offence that could land a student in jail. A student at Stirling University was jailed for 18 months in 2023 after she laundered nearly £85,000 for a criminal gang in Glasgow. Adverts with terms such as 'work from home', 'no experience necessary', 'make £300 a week' or 'must have own UK bank account' could be recruitment teasers for money launderers. Do your research on any such adverts. You can search for the phone number online to see whether any other people have had good or bad experiences. Likewise, do your research on the company name and website. Are there any reviews, comments or feedback? Martin's final tip is to stay vigilant, especially when socialising. Pickpockets and thieves often take advantage of drunk students enjoying freshers' week. They might befriend them, walk with them to an ATM and watch while the student keys in their PIN. They make a move to steal the debit card later. Martin adds: 'Make sure there is no one suspicious watching at an ATM – we call this shoulder surfing – and make sure you keep your PIN safe.' For further hints and tips on avoiding fraud, please visit our website:
Yahoo
04-06-2025
- Business
- Yahoo
Cumberland Building Society reports £1m pre-tax profit as it marks 175th year
Cumberland Building Society has reported a pre-tax profit of £1 million for the 2024/25 financial year. This comes as the society is marking its 175th anniversary and continues its investment in a transformation programme. According to a spokesperson for the firm, the reduced profit levels "reflect the significant investment made on New Cumberland, a project seeing the Society invest in a resilient, future-proof banking platform which will ensure it continues to meet evolving customer needs alongside the personal touch that sets The Cumberland apart." Jackie Arnold, the society's new chair, said: "We previously stated that the investment in New Cumberland would be reflected in profitability for the next two or three years and that has been the case this year. "However, thanks to the strong performance of the business, we're delighted to say we were in fact profitable. "Your board is convinced that working on New Cumberland is the right decision and the best way to secure the society's long-term future." Despite the lower profit, The Cumberland reported record balance sheet growth, ending the year with total balances of £3.33 billion. Mortgage lending rose by 6.6 per cent to £2.76 billion, while savings balances increased by 7.1 per cent to £3.01 billion. Operating profit fell from £27.4 million to £20 million, impacted by high inflation and falling interest rates. Des Moore, chief executive of The Cumberland, said the society's strength was rooted in its mutual model. Mr Moore said: "We have no external shareholders demanding a quick return on capital. "This enables us to take long-term decisions in the best interests of members. "I am genuinely excited by the potential of the society to do good and achieve more. "We have a promising future as well as an illustrious past." The Cumberland operates 31 branches across Cumbria, Northumberland, Lancashire, and southwest Scotland. Notable developments during the year included the reopening of its refurbished English Street branch in Carlisle and renovations to branches in Preston and Egremont. The society also retained its Feefo Platinum Trusted Service Award for the fifth consecutive year and was recognised by Best Companies as one of the UK's best large employers, earning a three-star "world class" rating. The Cumberland, which promises a banking experience that is 'kinder to people and the planet,' also donated £250,000 to its Kinder Kind of Kitchen scheme, which aims to combat food poverty. It also continued to support schools with free financial education resources through its partner EVERFI and made another donation to Cumbria Wildlife Trust to help protect endangered red squirrels. The society is also working to reduce its carbon footprint, and is currently aiming to become carbon neutral in its operations by 2030. Somewhat unique for a building society, The Cumberland offers current accounts, commercial lending, and car finance services. Business lending grew during the year but at a slower rate, with the hospitality sector affected by rising costs. According to the society, is now expanding its business lending into other sectors. Mr Moore is set to step down in the summer of 2026, and the board is beginning the process of finding his successor. The Cumberland's annual general meeting is set to be held on July 22 at Cumberland House. For every vote cast at the AGM, whether in person or online, the society will be donating £2 to charitable causes.
Yahoo
04-06-2025
- Business
- Yahoo
Cumberland reports modest profit as it celebrates 175th anniversary and makes significant investment to enhance customer experience
CARLISLE, England, June 4, 2025 /PRNewswire/ -- The Cumberland Building Society has reported healthy financial results as it celebrates its 175th anniversary and continues to grow its savings and mortgages balance sheet, ending the year at a record high of £3.33bn. Mortgage lending rose by 6.6 per cent to £2.76bn while savings balances climbed by 7.1 per cent to £3.01bn. The Society, which made excellent progress as it continues delivering its transformation programme and investing in a sustainable future, continued to deliver on its promise to offer a banking experience that is "kinder to people and the planet". As expected, profit levels reflect the significant investment made on New Cumberland, a project seeing the Society invest in a resilient, future-proof banking platform which will ensure it continues to meet evolving customer needs alongside the personal touch that sets The Cumberland apart. Writing in the annual report, new chair, Jackie Arnold, said: "We previously stated that the investment in New Cumberland would be reflected in profitability for the next two or three years and that has been the case this year. However, thanks to the strong performance of the business, we're delighted to say we were in fact profitable. "Your Board is convinced that working on New Cumberland is the right decision and the best way to secure the Society's long-term future." Its statutory pre-tax profit of £1m compares with £9.6m in 2023-24. Operating profit reduced from £27.4m to £20m as high inflation and falling interest rates squeezed margins. The Cumberland is Cumbria's largest financial institution with 31 branches across Cumbria, Northumberland, Lancashire and southwest Scotland. Other highlights of the financial year included the reopening of the extensively renovated flagship English Street branch in Carlisle and the refurbishment of branches in Preston and Egremont. The Society retained its Feefo Platinum Trusted Service Award for the fifth consecutive year and was rated by Best Companies as one of the best largest employers in the UK with the highest possible three-star "world class" accreditation. As part of its continued community giving, The Cumberland donated £250,000 for its Kinder Kind of Kitchen initiative to help tackle food poverty. The Society also continued to provide free teaching resources for schools with its financial education partner EVERFI, and made another donation to Cumbria Wildlife Trust to support conservation work with endangered red squirrels. The Cumberland has also been reducing its carbon footprint as it aims to become carbon neutral in operations by 2030. Chief executive, Des Moore, who is stepping down in the summer of 2026 and supporting an orderly transition to new leadership, said that The Cumberland's enduring success was built on its community ethos and the mutual model where it is owned by members, its savers and borrowers. He added: "We have no external shareholders demanding a quick return on capital. This enables us to take long-term decisions in the best interests of members. I am genuinely excited by the potential of the Society to do good and achieve more. We have a promising future as well as an illustrious past." Unusually for a building society, The Cumberland offers current accounts to its customers, provides commercial lending to businesses and has a car finance subsidiary. Business lending increased but slowed year on year as the Hospitality sector struggled with higher costs. The Society is currently expanding its business lending into other carefully chosen sectors. The Cumberland's annual general meeting takes place on 22nd July at Cumberland House. The Society donates £2 to good causes for every vote cast at the AGM, whether in person or online. Photo - View original content to download multimedia: Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
