The end for carpetbaggers?

By JO THORNHILL
Updated:

 

The days of the crafty carpetbagger could be over. Norwich and Peterborough Building Society (N&P) has stated that as of 2 October this year, all its new investors and mortgage customers will have to sign a form which permanently signs away their right to a windfall, with all payouts going to charity.

The move by N&P, which comes off the back of the recent wave of carpetbagger activity by building society customers, could soon be taken up by the other staunch mutual institutions.

People who open an account with N&P will be required to sign an agreement saying that in the event of the mutual building society being taken over or being converted to a public company, any windfall payouts will go to the Charities Aid Foundation. This agreement, however, is not retrospect for existing members of N&P.

Twelve building societies have demutualised in the past five years, including Alliance and Leicester, National & Provincial and Halifax. And Bradford & Bingley Building Society, the once staunch mutual, is close to completion of converting its status.

For more information on N&P's announcement call the Society's Charitable Assignment Helpline on 0870 240 2234.

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