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38-654: Norwich & Peterborough Building Society ( N&P ) is a trading name of Yorkshire Building Society based in Bradford , West Yorkshire . Formed by the merger of the Norwich and Peterborough building societies in 1986, at the time of merger with YBS, it was the ninth largest building society in the United Kingdom , with assets in excess of £4.9 billion. The Society had over 45 branch offices mainly located in East Anglia and

76-683: A firm registered with the Financial Conduct Authority (FCA). The FCA require that firms ensure that individuals acting for them have appropriate qualifications . The list of appropriate qualifications is determined by the Financial Services Skills Council at the behest of the FCA. Up to the end of 2012 all financial advisers only required a qualification at Level 3 or above of the Qualifications and Credit Framework . From

114-517: A number of takeover approaches and was keeping its options open. The Society had sold Keydata Investment Services products to some 3,100 customers via its independent financial advisers between November 2005 and June 2009, when the firm was put into administration by the FSA. In July 2009, the Serious Fraud Office commenced an investigation into Keydata Investment Services Ltd. following a referral by

152-402: A single insurer or product provider or to be an independent practitioner . The term is commonly used in the United Kingdom where IFAs are regulated by the Financial Conduct Authority (FCA) and must meet strict qualification and competence requirements. Typically an independent financial adviser will conduct a detailed survey of a client’s financial position, preferences and objectives; this

190-515: A wide range of financial services and advice to its 470,000 customers. Cheques and bank giro credits were cleared through HSBC Bank Plc (until 2015, The Co-operative Bank Plc) and a MasterCard branded credit card was issued on behalf of the Society by MBNA Europe Bank Ltd. Share dealing services were offered to members by Jarvis Investment Management Ltd. As a result of having diversified into areas not traditionally associated with building societies,

228-430: Is sometimes known as a factfind . The adviser will then recommend appropriate action to meet the client's objectives; and if necessary recommend a suitable financial product to match the client’s needs. Individuals and businesses consult IFAs on many matters including investment , retirement planning , insurance , protection and mortgages (or other loans ). IFAs also advise on some tax and legal matters. From

266-529: The FCA that they review all the suitable products in a market and that they give fair, unbiased and unrestricted advice. These changes are intended to make their charges more transparent and advice more genuinely independent. However, some banks, building societies and insurance advisers could switch to offering an ‘information only’ (non-advised) service instead, where fees won’t be apparent. Advisers will also be allowed to keep earning it on products they have sold before

304-538: The Lending Code . From 2001, its ATMs were operated by Moneybox Corporation. Yorkshire Building Society also operates under the trading names of Chelsea Building Society (since 2010, including the engagements of the former Catholic Building Society ) and Egg (since 2011). The Yorkshire is a participant of the Financial Services Compensation Scheme ; therefore, deposits with any of N&P,

342-575: The Barnsley being a larger organisation with a well-established brand, the Yorkshire initially decided to keep the Barnsley brand in order to keep existing customers and use it as another route to market their products. In 2009, the Yorkshire noted that they were in advanced merger talks with Chelsea Building Society . The following day it was announced that they were to merge. The merger with Chelsea Building Society, which retained its own branding until 2016,

380-525: The Board entered into exclusive discussions with Yorkshire Building Society on 19 March 2011. On 22 March, the Society announced it would repay investor losses arising from the collapse of Keydata. Mr. Bullock stepped down on 31 March; Anne Gunther, former chief executive of Standard Life Bank , was appointed to the role on 20 April and the merger agreed following due diligence. On the Board's "strong recommendation", shareholding and borrowing members voted in favour of

418-726: The FSA. Shortly afterwards, in November 2009, the Society announced the closure of 10 branches largely outside its "regional heartland" effective March 2010 and in January 2011, chief executive, Matthew Bullock , announced his retirement once a successor could be found. In light of tougher regulation, Aviva Life Services UK Ltd. (formerly Norwich Union) was reappointed to provide financial advice to members. Following expressions of interest by US equity firm JC Flowers (see Kent Reliance ), Sir Richard Branson 's Virgin Money and Coventry Building Society ,

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456-657: The Society opened its membership to the general public in 1924, moving to new premises in Priestgate. In 1962, its name was changed to the Peterborough Building Society and, soon after, the Head Office moved to a refurbished building in Market Place (later renamed Cathedral Square). The first branch office was opened at March, Cambridgeshire in 1961. The Society absorbed King's Lynn Building Society in 1967, which

494-557: The Society paid a bonus of up to 1.25% to the club, calculated on the average total balance held in all of their supporters' accounts. There were eventually 27 clubs participating online. The Society only offered mortgage facilities for properties in England , Wales , Gibraltar or situated in defined geographical areas of the Costa del Sol and the Costa Blanca , Spain . In 2007, it became one of

532-578: The Society's income was not solely dependent on mortgages. Norwich & Peterborough also operated via a telephone call centre based in Peterborough and through a fully transactional website. The Society had three established affinity accounts with Norwich City FC , Peterborough United FC and Lincoln City FC . In 2006, it was endorsed by the Football League as its preferred provider of affinity accounts to Championship and lower league clubs. Each year

570-533: The UK must either be authorised or exempt under the Financial Services and Markets Act 2000 . Membership of an IFA Network qualifies an IFA as being exempt from regulation. The IFA Network is then responsible for the advice and regulatory compliance of its members. Source: Financial Conduct Authority What is an appointed representative? An appointed representative is a firm that conducts regulated business on behalf of

608-667: The Yorkshire and any Egg loans products that were not sold to Britannica Recoveries S.a.r.l. In 1993, the former Hammonds Sauce Works Band was renamed as the Yorkshire Building Society Band. The building society supported the main band and also the YBS Hawley Band and YBS Juniors. The building society ceased its sponsorship in December 2004 although the YBS initials were retained in the band's name until 2008. From January 2009,

646-489: The Yorkshire, Chelsea and Egg were treated as linked for the purposes the scheme. The Norwich and Peterborough Group included the following trading companies, which were wholly owned by the parent Society: Hockleys Professional Limited, trading as Hockleys Surveyors, was acquired by estate agents Connells Residential Ltd. in 2007. The business and undertakings of Norwich and Peterborough Estate Agents Ltd., based in Gibraltar,

684-480: The adviser is suitably qualified, that the adviser subscribes to a code of ethics and that the adviser has kept his or her knowledge up-to-date through continuing professional development. Most financial qualifications are assessed under the Qualifications and Credit Framework (QCF). You will see that these have a QCF grade, from level 1 to level 8. IFA Network is an association of IFAs. All financial advisers in

722-511: The band was renamed the Hammonds Saltaire Band . Independent financial adviser The term "independent financial adviser" was coined to describe the advisers working independently for their clients rather than representing an insurance company, bank or bancassurer . At the time (1988) the UK government was introducing the polarisation regime which forced advisers to either be tied to

760-474: The benefit of all members without the disruption caused by speculative activity , new customers opening savings accounts providing membership of the Society were required to enter into an agreement to assign to the Charities Aid Foundation any windfall benefits to which they may have become entitled in the future as an investing member. In December 2010, it was reported that the Society had received

798-516: The end of 2012, and still charge a regular fee if they are providing an ongoing service such as reviewing and advising on a client's investments. Neither do these new rules apply to the sale of cash savings products, general insurance, protection products (term life insurance, critical illness cover, income protection insurance etc.) or mortgages unless they are sold at the same time as a regulated investment product. To offer financial advice an individual must represent or be an appointed representative of

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836-454: The end of 2012, financial advisers will need to be qualified at Level 4 or above. (This is about the same as completing the first year of a university degree.) An increasing number of advisers are now also “Chartered”, which means being qualified to a level 6 standard (equivalent to a first class honours degree.) From the end of 2012, financial advisers will need to obtain an annual Statement of Professional Standing. This statement confirms that

874-474: The end of 2012, there will be two types of financial advisor : independent or restricted. IFAs will no longer be allowed to receive commissions from financial services companies on new sales of investments. Instead, they will have to set their own fees, based on the services they offer, and agree with the client on fees before providing any services. Any advice that does not meet this standard must be labelled as restricted. IFAs should also be able to demonstrate to

912-679: The first building societies to achieve the CarbonNeutral quality mark. Yorkshire Building Society (trading as Norwich & Peterborough) is authorised and regulated by the Financial Services Authority . It is a member of the Building Societies Association and the LINK Interchange Network. As a current account provider, N&P was also affiliated to Bankers' Automated Clearing Services and subscribed to

950-739: The major mutual building societies in Britain – a review in 1995 confirmed that their mutual status was important to them, so that they remain answerable to their members, rather than outside shareholders. In 1864, the Huddersfield Equitable Permanent Benefit Building Society was founded in Huddersfield , and expansion through a series of agreed mergers , predominantly with the Bradford Permanent Building Society in 1975, has seen it evolve into

988-536: The national building society that it is today. The current name came into use in 1982, following the merger of the Huddersfield & Bradford Building Society and the West Yorkshire Building Society . Yorkshire Building Society also has a mortgage subsidiary company, Accord. In August 2011 it announced that it was closing its offshore subsidiary, Yorkshire Guernsey. High Point on Westgate in Bradford

1026-408: The proposal at an Extraordinary General Meeting held in Peterborough on 22 August. FSA approval followed on 23 September and the transfer of engagements was completed on 1 November, ending 160 years of independent trading. The Society's principal purpose was the making of loans which were secured on residential property and funded substantially by its members. However, for its size, the Society offered

1064-454: The proposed closure of 28 (later increased to 31) branches, all current accounts and the eventual withdrawal of the N&;P brand. Remaining N&P branches closed on Friday 6 July 2018 and re-opened on Monday 9 July as YBS branches. The Norwich Building Society was founded in 1852 under the imposing title of Norwich and District Provident Permanent Benefit Building and Freehold Land Society. This

1102-504: The savings business of Egg , which are referred to as the Yorkshire Building Society Group. Collectively the group employs 3,300 staff throughout the UK and serves 3 million members. The society currently provides financial services both directly and through a 132-strong branch network and 99 associated agencies across the UK. Despite changes in the industry in recent years, Yorkshire Building Society remains one of

1140-612: The surrounding counties of Northamptonshire and Lincolnshire , but there was also a branch in Gibraltar (which opened in 1990 and closed in 2014) and High Holborn , London. The former Head Office was opened by Queen Elizabeth the Second in 1988, on a green field business park at Lynch Wood, Peterborough, where an important operational presence is retained by the Yorkshire. N&P employed over 800 staff, of whom roughly half were based at Lynch Wood. In January 2017, parent YBS Group announced

1178-578: The transfer of engagements was completed on 1 November. With almost no geographical overlap, the N&P name was retained as a separate and distinct brand. On 25 July 2011, the Yorkshire announced it was buying the Egg savings and mortgage business from Citi in a deal worth £2.5 billion. Use of the Egg trade marks by Yorkshire Building Society is currently under licence from Egg Banking Plc which provides any residual Egg savings products that were not transferred to

Norwich and Peterborough Building Society - Misplaced Pages Continue

1216-617: Was based in the offices of the estate agents Geoffrey Collins & Co. at Blackfriars Street. Further mergers followed with Stamford Building Society in 1980 and Argyle Building Society in 1985. Norwich and Peterborough Building Society was formed by the merger of the two societies in 1986. At that time the Peterborough's assets were £280m and the Norwich's were £176m. An entirely separate City of Peterborough and District Permanent Building Society transferred engagements to Northampton Town and County Building Society in 1959. Anglia Building Society

1254-750: Was built as the headquarters of Yorkshire Building Society in the 1970s. The Yorkshire took over the Sussex-based Haywards Heath Building Society in 1992, in an effort to develop a southern based branch presence. In 2001, the Society merged with the Gainsborough Building Society. In 2008, the Yorkshire merged with the Barnsley Building Society which had become a victim of the Icelandic banking crisis . After learning lessons from previous mergers, and with

1292-410: Was completed in 2010. Chelsea branded products and services are now available online and by telephone only. The ninth largest building society at the time, Norwich and Peterborough , entered into merger discussions with the Society on 19 March 2011. Following due diligence by the Yorkshire board, N&P members voted in favour of the proposal on 22 August. FSA approval followed on 23 September and

1330-548: Was divested in 2010. Yorkshire Building Society Yorkshire Building Society is the third largest building society in the UK , with its headquarters in Bradford , West Yorkshire , England . It is a member of the Building Societies Association . At December 2023, the Society had total assets of more than £60 billion. The society also owns the Chelsea Building Society and Norwich and Peterborough Building Society , as well as Accord Mortgages and

1368-549: Was established by railway workers at the Corn Exchange, Peterborough and, in 1896, it registered under the Building Societies Act 1874 ( 37 & 38 Vict. c. 42). The fast growth of the railways had not only created large numbers of workers, it had also led to a shortage of housing in the Peterborough area. The new Society enabled its members to build their own homes in the city. Although originally limited to railwaymen,

1406-448: Was formed by amalgamation of this Society with Leicestershire Building Society in 1966 and subsequently merged with Nationwide Building Society in 1987. The Society conducted regular dialogues through members’ meetings and other events. It was clear from these that members had a high level of trust in the Society and wished it to continue as a mutual; a stance confirmed by the Board. In order to help maintain normal business activities for

1444-670: Was unconnected with the mutual Norwich Union Society for the Insurance of Houses, Stock and Merchandise from Fire, which had been founded in 1797. After the Second World War , in 1947, the Norwich Benefit Building Society incorporated, ceasing to act in the name of its trustees, and the name was simplified. The Society absorbed Thetford , Norfolk and Suffolk Mutual Benefit Building Society in 1961. Shortly after, in 1860, Peterborough Provincial Benefit Building Society

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