Menu
07/08/2009
PMS 'Savers' Probe Launched
On foot of high-level political interest, it emerged this week that the regulatory body for accountants is to investigate the collapse of the Presbyterian Mutual Society (PMS).
The move comes weeks after the NI Executive First Minister Peter Robinson took action and personally championed the cause of PMS savers to the Prime Minister Gordon Brown.
The case hinges on an alleged failure of the group to obtain the appropriate "regulatory authorisation" before its difficulties last year will be investigated.
The society, which has 9,500 members, went into administration in November 2008, leaving hundreds of members high and dry.
The Accountancy and Actuarial Discipline Board (AADB) investigation is expected to involve the conduct of members and a member firm in relation to the alleged failure by Presbyterian Mutual Society Limited (PMS) to obtain the appropriate regulatory authorisation for the conduct of its business during the period from 2000 to 2008.
The probe is in connection with events leading up to PMS being placed into administration.
The AADB's decision to initiate an investigation was taken following the receipt of information from the Financial Services Authority and input from the Chartered Accountants Regulatory Board.
So far none of the PMS members has received compensation, with the Government insisting they were "not savers but investors" with shares in the society.
See: Presbyterian Assembly Twice Picketed Over Church 'Betrayal'
(BMcc/JM)
The move comes weeks after the NI Executive First Minister Peter Robinson took action and personally championed the cause of PMS savers to the Prime Minister Gordon Brown.
The case hinges on an alleged failure of the group to obtain the appropriate "regulatory authorisation" before its difficulties last year will be investigated.
The society, which has 9,500 members, went into administration in November 2008, leaving hundreds of members high and dry.
The Accountancy and Actuarial Discipline Board (AADB) investigation is expected to involve the conduct of members and a member firm in relation to the alleged failure by Presbyterian Mutual Society Limited (PMS) to obtain the appropriate regulatory authorisation for the conduct of its business during the period from 2000 to 2008.
The probe is in connection with events leading up to PMS being placed into administration.
The AADB's decision to initiate an investigation was taken following the receipt of information from the Financial Services Authority and input from the Chartered Accountants Regulatory Board.
So far none of the PMS members has received compensation, with the Government insisting they were "not savers but investors" with shares in the society.
See: Presbyterian Assembly Twice Picketed Over Church 'Betrayal'
(BMcc/JM)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
23 September 2010
Presbyterian Leader Seeks Savers' Patience
The Moderator of the Presbyterian Church has called for continuing patience from those hit by the Presbyterian Mutual Society's collapse. He was commenting after PMS members again met to assess progress towards a resolution for those who remain unable to access their investments in the Society, which entered administration in October 2008.
Presbyterian Leader Seeks Savers' Patience
The Moderator of the Presbyterian Church has called for continuing patience from those hit by the Presbyterian Mutual Society's collapse. He was commenting after PMS members again met to assess progress towards a resolution for those who remain unable to access their investments in the Society, which entered administration in October 2008.
06 May 2011
Presbyterian Mutual Savers 'May Get 100%'
It has emerged today that 'smaller savers' in the collapsed Presbyterian Mutual Society (PMS) are hoping to receive all of their money back - despite fears that very little - or even no cash would be forthcoming.
Presbyterian Mutual Savers 'May Get 100%'
It has emerged today that 'smaller savers' in the collapsed Presbyterian Mutual Society (PMS) are hoping to receive all of their money back - despite fears that very little - or even no cash would be forthcoming.
08 April 2011
PMS Savers Get Summer Pay-out Offer
There has been a broad welcome for news that the administrator of the Presbyterian Mutual Society (PMS) has proposed a 'Scheme of Arrangement' to the 10,000 creditors and members for them to get a total of more than £232m by early July.
PMS Savers Get Summer Pay-out Offer
There has been a broad welcome for news that the administrator of the Presbyterian Mutual Society (PMS) has proposed a 'Scheme of Arrangement' to the 10,000 creditors and members for them to get a total of more than £232m by early July.
01 September 2011
Credit Unions Protected From PMS-style Crash
Northern Ireland's credit unions will be offered more protection under a new form of regulation, the Financial Services Authority (FSA) has said.
Credit Unions Protected From PMS-style Crash
Northern Ireland's credit unions will be offered more protection under a new form of regulation, the Financial Services Authority (FSA) has said.
28 March 2011
Rescue Package For PMS Savers On Way
A rescue package for the Presbyterian Mutual Society (PMS) has been announced. First Minister Peter Robinson said the implementation of the £225m package would rest with the Administrator and be available to draw down from the beginning of April in the new financial year.
Rescue Package For PMS Savers On Way
A rescue package for the Presbyterian Mutual Society (PMS) has been announced. First Minister Peter Robinson said the implementation of the £225m package would rest with the Administrator and be available to draw down from the beginning of April in the new financial year.
-
Northern Ireland WeatherToday:A rather cloudy morning, with a little patchy light rain or drizzle to start. Skies clearing and becoming dry and increasingly sunny in the afternoon. Maximum temperature 13 °C.Tonight:Dry with prolonged clear spells through the evening and overnight. This will allow for some fog patches to develop in places overnight. Minimum temperature 2 °C.
