Charitable assignment
As a mutual building society, our aim is to provide our customers with access to an attractive range of savings and mortgage products. We are run for the sole benefit of our existing and future customers and we do not have a separate group of equity shareholders.
We have a scheme to help us maintain our normal business activities for the benefit of all our customers, without the disruption caused by speculative activity.
New customers opening savings accounts that provide membership of the Society will be required to enter into an agreement to assign (to the Charities Aid Foundation (a registered charity)) any windfall benefits to which they may become entitled in the future as an investing member.
There are certain categories of customer who will be exempt from the requirement to enter into an agreement to assign any windfalls. A list of these is available from the Society.
This is only a summary of the scheme, the terms of which are set out in our account application forms.