Following a meeting out of the office yesterday, I found myself home somewhat earlier that usual. I was therefore able to catch the 6-30 local news and settled down to watch BBC Look East.
There was an interesting piece on the Stansted Airport expansion plans, which is right in our heartland, so is a key local issues for Essex residents and this was followed by an item about mortgage fraud, which of course had me glued.
I was simply apoplectic with what I heard and saw on this article and have today written to the BBC with my views. A copy of my note is below:
Dear Sir
I was amazed and dismayed by the inaccuracy of a report on last nights Look East news, regarding the investigation into a potential fraud ring surrounding Ipswich properties and Bradford and Bingley.
Firstly the item talked about the "Building Society" and the mechanics of how the fraud may have worked and secondly the reporter whilst stood outside a Bradford and Bingley Branch said "it is the tax payer who has had to bail out the Building Society.
In this difficult financial time, brand confusion is not simply inaccurate, but actually potential sector damaging. I would like to point out a few facts:
1. Bradford and Bingley has been a shareholder owned bank since 2000
2. No Building Society has ever been "bailed out" by the tax payer
3. The Financial Services Compensation Scheme actually funded the liabilities for Bradford and Bingley when it collapsed and that is paid for by remaining deposit taking institutions, one of which I run.
As a proud CEO of a mutual Building Society I find this type of careless reporting unacceptable. Building Societies on the whole run much less risky business models than banks, particularly those that have required peer group or government rescue and therefore, for obvious reasons the distinction between the 2 sectors is of paramount importance.
I am happy to comment further on this matter and I would be grateful to receive your comments in response to this e-mail.
Yours faithfully
Andy Golding
Chief Executive
Saffron Building Society
Subscribe to:
Post Comments (Atom)
Posts
Whoops!
ReplyDeleteDid the BBC get back to you on this? If not, you might drop a line to Jeremy Hillman - who runs the BBC business and economics unit in London. I suspect that if he hears about this, the Look East team will not make this mistake again.
Hi Thanks for reminding me, I should have commented. Bothe the producer and the reporter contacted me to apologise, whihc I was graetful for.
ReplyDeleteregards
Andy