Tuesday, 19 April 2016

Surrey-based National Counties Building Society says its new creation "resonates with people"

The Surrey-based  National Counties BS is playing an unusual  game.

While many of its counterparts are seeking to streamline their activities in these cash-straitened times, the  NCBS has surely made life more difficult for itself (and members) by launching a subsidiary - the Family Building Society.

Amid widespread publicity  this building society within a building society was launched in mid-2014, so last year was the Family's  first full one of operation. 

The annual review  omits either  to differentiate between parent and offspring  or to evaluate their respective performances over the past 12 months.

Everything is lumped together, and it is perhaps unsurprising that the society recorded a dip in pre-tax profit - £3.2-million compared with £4.7-million the previous year. 

The annual review says of  the new creation: "We believe that families who work together across the generations to make the most of their money require and deserve to have their specific needs met with innovative, value-for-money products backed by excellent personal service."

But is this not something the NCBS supposed to be doing anyway? 

The review continues: "While the development of the Family is exciting, we are very mindful of our need, and our obligation, to continue to serve National Counties' customers.

"The Family continues to be well received. It resonates with people.

"Building a new business takes years.

"There has been much talk of new challenger banks. We firmly believe that there continues to be a real opportunity for a challenger, mutual, customer-owned building society.

"We plan to launch additional new and innovative products in 2016."

Evidently, the Family is unique in incorporating  incorporates some sort of Premium Bond type  component in its offering, with  occasional windfalls of up to £50,000. 

Continues the review: "Our first  £50,000 winner did not even know that he had opened an account as his wife had done it for him without telling him!" 

Perhaps it is appropriate that the NCBS is holding its annual meeting (2pm on Wednesday  April 28 ) at a place where everyone wants to be a lucky winner - the Queens Stand at Epsom Downs racecourse.

Anyone fancy a flutter?

No comments:

Post a Comment