Norwich and Peterborough Building Society
Encyclopedia
Norwich and Peterborough Building Society (or N&P) is a trading name of Yorkshire Building Society
based in Bradford
, West Yorkshire
. At the time of merger, it was the ninth largest building society in the United Kingdom
, with assets in excess of £4.9 billion. It was formed by the merger of the Norwich
and Peterborough
building societies in 1986.
The Society has over 45 branch offices mainly located in East Anglia
and the surrounding counties of Northamptonshire
and Lincolnshire
, but there is also a branch in Gibraltar
which opened in 1990. The former Head Office was opened by Her Majesty 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 employs over 800 staff, of whom roughly half are based at Lynch Wood.
Plc and a MasterCard
branded credit card is issued on behalf of the Society by MBNA
Europe Bank Ltd. Share dealing services are currently offered to members by Jarvis Investment Management Ltd, a member of the London Stock Exchange
since 1984. As a result of having diversified into areas not traditionally associated with building societies, the Society's income is no longer solely dependent on mortgages.
Norwich and Peterborough also operates via a telephone call centre based in Peterborough and through a fully transactional website. The Society has 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 these accounts to Championship and lower league clubs. Each year the Society pays a bonus of up to 1.25% to the club, calculated on the average total balance held in all of their supporters' accounts. There are now 27 clubs participating online.
The Society only offers 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 1998, it became the first lender to provide so-called green mortgages and, in 2007, it became one of the first building societies to achieve the CarbonNeutral quality mark. Yorkshire Building Society (trading as Norwich and 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 is also affiliated to Bankers' Automated Clearing Services
and subscribes to the Lending Code. Since 2001, its ATM
s have been operated by Moneybox Corporation.
Yorkshire Building Society also operates under the trading names of Barnsley Building Society
(since 2009), 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, the Yorkshire, Barnsley, Chelsea and Egg are treated as linked for the purposes the scheme.
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 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 Adviser
s 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 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
, 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 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 Norwich and Peterborough Group includes the following trading companies, which are wholly owned by the parent Society:
The former subsidiary, Hockleys Professional Limited, trading as Hockleys Surveyors, was acquired by estate agents Connells
Residential Ltd. in 2007.
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 was established by railway workers at the Corn Exchange, Peterborough and, in 1896, it registered under the Building Societies Act 1874. 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, 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 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
was formed by amalgamation of this Society with Leicestershire Building Society in 1966 and subsequently merged with Nationwide Building Society
in 1987.
Yorkshire Building Society
The Yorkshire Building Society is the second largest building society in the UK, with its headquarters in Bradford, West Yorkshire, England. Assets now exceed £20 billion....
based in Bradford
Bradford
Bradford lies at the heart of the City of Bradford, a metropolitan borough of West Yorkshire, in Northern England. It is situated in the foothills of the Pennines, west of Leeds, and northwest of Wakefield. Bradford became a municipal borough in 1847, and received its charter as a city in 1897...
, West Yorkshire
West Yorkshire
West Yorkshire is a metropolitan county within the Yorkshire and the Humber region of England with a population of 2.2 million. West Yorkshire came into existence as a metropolitan county in 1974 after the passage of the Local Government Act 1972....
. At the time of merger, it was the ninth largest building society in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, with assets in excess of £4.9 billion. It was formed by the merger of the Norwich
Norwich
Norwich is a city in England. It is the regional administrative centre and county town of Norfolk. During the 11th century, Norwich was the largest city in England after London, and one of the most important places in the kingdom...
and Peterborough
Peterborough
Peterborough is a cathedral city and unitary authority area in the East of England, with an estimated population of in June 2007. For ceremonial purposes it is in the county of Cambridgeshire. Situated north of London, the city stands on the River Nene which flows into the North Sea...
building societies in 1986.
The Society has over 45 branch offices mainly located in East Anglia
East Anglia
East Anglia is a traditional name for a region of eastern England, named after an ancient Anglo-Saxon kingdom, the Kingdom of the East Angles. The Angles took their name from their homeland Angeln, in northern Germany. East Anglia initially consisted of Norfolk and Suffolk, but upon the marriage of...
and the surrounding counties of Northamptonshire
Northamptonshire
Northamptonshire is a landlocked county in the English East Midlands, with a population of 629,676 as at the 2001 census. It has boundaries with the ceremonial counties of Warwickshire to the west, Leicestershire and Rutland to the north, Cambridgeshire to the east, Bedfordshire to the south-east,...
and Lincolnshire
Lincolnshire
Lincolnshire is a county in the east of England. It borders Norfolk to the south east, Cambridgeshire to the south, Rutland to the south west, Leicestershire and Nottinghamshire to the west, South Yorkshire to the north west, and the East Riding of Yorkshire to the north. It also borders...
, but there is also a branch in Gibraltar
Gibraltar
Gibraltar is a British overseas territory located on the southern end of the Iberian Peninsula at the entrance of the Mediterranean. A peninsula with an area of , it has a northern border with Andalusia, Spain. The Rock of Gibraltar is the major landmark of the region...
which opened in 1990. The former Head Office was opened by Her Majesty Queen Elizabeth the Second
Elizabeth II of the United Kingdom
Elizabeth II is the constitutional monarch of 16 sovereign states known as the Commonwealth realms: the United Kingdom, Canada, Australia, New Zealand, Jamaica, Barbados, the Bahamas, Grenada, Papua New Guinea, the Solomon Islands, Tuvalu, Saint Lucia, Saint Vincent and the Grenadines, Belize,...
in 1988, on a green field business park at Lynch Wood, Peterborough, where an important operational presence is retained by the Yorkshire. N&P employs over 800 staff, of whom roughly half are based at Lynch Wood.
Services
The Society's principal purpose is making of loans which are secured on residential property and are funded substantially by its members. However, for its size, the Society offers a wide range of financial services and advice to its 470,000 customers. Cheques are cleared through the Co-operative BankCo-operative Bank
The Co-operative Bank plc is a commercial bank in the United Kingdom and Guernsey, with its headquarters in Manchester.The bank markets itself as an ethical bank, and refuses to invest in companies involved in the arms trade, global climate change, genetic engineering, animal testing and use of...
Plc and a MasterCard
MasterCard
Mastercard Incorporated or MasterCard Worldwide is an American multinational financial services corporation with its headquarters in the MasterCard International Global Headquarters, Purchase, Harrison, New York, United States...
branded credit card is issued on behalf of the Society by MBNA
MBNA
MBNA Corporation was a bank holding company and parent company of wholly owned subsidiary MBNA America Bank, N.A., headquartered in Wilmington, Delaware, prior to being acquired by Bank of America in 2006...
Europe Bank Ltd. Share dealing services are currently offered to members by Jarvis Investment Management Ltd, a member of the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
since 1984. As a result of having diversified into areas not traditionally associated with building societies, the Society's income is no longer solely dependent on mortgages.
Norwich and Peterborough also operates via a telephone call centre based in Peterborough and through a fully transactional website. The Society has 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 these accounts to Championship and lower league clubs. Each year the Society pays a bonus of up to 1.25% to the club, calculated on the average total balance held in all of their supporters' accounts. There are now 27 clubs participating online.
The Society only offers mortgage facilities for properties in England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
, Wales
Wales
Wales is a country that is part of the United Kingdom and the island of Great Britain, bordered by England to its east and the Atlantic Ocean and Irish Sea to its west. It has a population of three million, and a total area of 20,779 km²...
, Gibraltar or situated in defined geographical areas of the Costa del Sol
Costa del Sol
The Costa del Sol is a region in the south of Spain, in the autonomous community of Andalusia, comprising the coastal towns and communities along the Mediterranean coastline of the Málaga province. The Costa del Sol is situated between two lesser known costas: Costa de la Luz and Costa Tropical...
and the Costa Blanca
Costa Blanca
Costa Blanca refers to the over 200 kilometres of coastline belonging to the province of Alicante in Spain. The name "Costa Blanca" was devised as a promotional name used by BEA when they launched their air service between London and Valencia in 1957. It has a well-developed tourism industry...
, Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
. In 1998, it became the first lender to provide so-called green mortgages and, in 2007, it became one of the first building societies to achieve the CarbonNeutral quality mark. Yorkshire Building Society (trading as Norwich and Peterborough) is authorised and regulated by the Financial Services Authority
Financial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
. It is a member of the Building Societies Association
Building Societies Association
The Building Societies Association is the trade organisation of the building societies in the United Kingdom. In 2011 the 48 building societies in the UK had total assets of over £317 billion. 15 million adults have building society saving accounts and over 2.9 million adults are currently buying...
and the LINK
LINK (UK)
LINK is a shared interbank network of automated teller machines operating in the United Kingdom. The network counts 37 member institutions, of which many are various banks and building societies issuing LINK ATM cards, and the remainder are independent ATM operators who do not issue cards...
Interchange Network. As a current account provider, N&P is also affiliated to Bankers' Automated Clearing Services
BACS
Bacs Payment Schemes Limited is a United Kingdom scheme for the electronic processing of financial transactions. BACS direct debits and BACS direct credits are made using the BACS system...
and subscribes to the Lending Code. Since 2001, its ATM
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
s have been operated by Moneybox Corporation.
Yorkshire Building Society also operates under the trading names of Barnsley Building Society
Barnsley Building Society
Barnsley Building Society was established on 12 January 1853, by a group of prominent townsfolk who following the example of many other towns and cities at the time decided to form their own building society.- History :...
(since 2009), Chelsea Building Society
Chelsea Building Society
Chelsea Building Society was the fourth largest Building Society in the United Kingdom with total assets in excess of £13 billion at 31 December 2007 . It is a member of the Building Societies Association. Operating mainly in South East England with its network of 35 branches, its head office is...
(since 2010, including the engagements of the former Catholic Building Society
Catholic Building Society
The Catholic Building Society was a UK building society based in Westminster, London. It was the 57th largest in the United Kingdom based on total assets of £44 million at 31 December 2007....
) and Egg (since 2011). The Yorkshire is a participant of the Financial Services Compensation Scheme
Financial Services Compensation Scheme
The Financial Services Compensation Scheme is a "statutory fund of last resort" in the United Kingdom, set up under the Financial Services and Markets Act 2000 to compensate customers of "authorised financial services firms" in the event of their insolvency. It consolidated previous compensation...
; therefore, deposits with any of N&P, the Yorkshire, Barnsley, Chelsea and Egg are treated as linked for the purposes the scheme.
Merger
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 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 FoundationCharities Aid Foundation
The Charities Aid Foundation is a registered UK charity. Its Head Office is located in the King's Hill business park, West Malling, Kent with a second office in London on St Andrew Street, EC4A 3AY...
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 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 Adviser
Independent Financial Adviser
Independent Financial Advisers or IFAs are professionals who offer independent advice on financial matters to their clients and recommend suitable financial products from the whole of the market...
s 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 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
Aviva
Aviva plc is a global insurance company headquartered in London, United Kingdom. It is the sixth-largest insurance company in the world measured by net premium income and has 53 million customers in 28 countries...
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
JC Flowers
J.C. Flowers & Co. is a private equity investment firm, focused on investments in the financial services sector. The firm, founded in 2001, is based in New York City and run by billionaire J. Christopher Flowers, a former Goldman Sachs partner....
(see Kent Reliance
Kent Reliance Building Society
Kent Reliance Banking service, also known as KRBS, was a building society based in Kent, England. Incorporating the Chatham Reliance , Dover District , Herne Bay and Kent & Canterbury , KRBS was the fastest growing building society in the UK between 2003 and 2008 and was a member of the Building...
), Sir Richard Branson
Richard Branson
Sir Richard Charles Nicholas Branson is an English business magnate, best known for his Virgin Group of more than 400 companies....
's Virgin Money
Virgin Money
Virgin Money is a UK-based financial services company owned by the Virgin Group and founded by Sir Richard Branson in March 1995. It was originally known as Virgin Direct, and pioneered index tracking by launching a value Personal Equity Plan into the market. In the 2000s Virgin Money expanded its...
and Coventry Building Society
Coventry Building Society
The Coventry Building Society is a building society based in Coventry, England. It is the third largest in the United Kingdom with total assets of approximately £22.3 billion at 31 December 2010. It is a member of the Building Societies Association.-History:...
, 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 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.
Subsidiaries
- Norwich and Peterborough (LBS) Ltd., trading as Astra Mortgages
- Norwich and Peterborough Estate Agents Ltd., Gibraltar
- Norwich and Peterborough Insurance Brokers Ltd.
- Norwich and Peterborough General Insurance Ltd.
- Norwich and Peterborough Sharedealing Services Ltd., formerly Waters, Lunniss & Co. Ltd.
- Norwich and Peterborough Covered Bonds LLP
- Lynchwood Services Limited
- Flexible Choice Limited
The former subsidiary, Hockleys Professional Limited, trading as Hockleys Surveyors, was acquired by estate agents Connells
Connells
Connells is a United Kingdom-based Estate Agents, that started in Luton in 1936. It is one of the four companies that grouped together in 2000 to form Rightmove which is widely regarded as the market leader for UK property search websites.-Awards:...
Residential Ltd. in 2007.
History
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 was unconnected with the mutual Norwich UnionNorwich Union
Norwich Union was the name given to insurance company Aviva's British arm before June 2009. It was originally established in 1797. It is the biggest life insurance provider in the United Kingdom, and has a strong position in motor insurance...
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
Thetford
Thetford is a market town and civil parish in the Breckland district of Norfolk, England. It is on the A11 road between Norwich and London, just south of Thetford Forest. The civil parish, covering an area of , has a population of 21,588.-History:...
, Norfolk
Norfolk
Norfolk is a low-lying county in the East of England. It has borders with Lincolnshire to the west, Cambridgeshire to the west and southwest and Suffolk to the south. Its northern and eastern boundaries are the North Sea coast and to the north-west the county is bordered by The Wash. The county...
and Suffolk
Suffolk
Suffolk is a non-metropolitan county of historic origin in East Anglia, England. It has borders with Norfolk to the north, Cambridgeshire to the west and Essex to the south. The North Sea lies to the east...
Mutual Benefit Building Society in 1961.
Shortly after, in 1860, Peterborough Provincial Benefit Building Society was established by railway workers at the Corn Exchange, Peterborough and, in 1896, it registered under the Building Societies Act 1874. 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, 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
March, Cambridgeshire
March is a Fenland market town and civil parish in the Isle of Ely area of Cambridgeshire, England. March was the county town of the Isle of Ely, a separate administrative county between 1889 and 1965, and is now the administrative centre of Fenland District Council.The town was an important...
in 1961. The Society absorbed King's Lynn
King's Lynn
King's Lynn is a sea port and market town in the ceremonial county of Norfolk in the East of England. It is situated north of London and west of Norwich. The population of the town is 42,800....
Building Society in 1967, which was based in the offices of the estate agents Geoffrey Collins & Co. at Blackfriars Street. Further mergers followed with Stamford
Stamford, Lincolnshire
Stamford is a town and civil parish within the South Kesteven district of the county of Lincolnshire, England. It is approximately to the north of London, on the east side of the A1 road to York and Edinburgh and on the River Welland...
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
Northampton
Northampton is a large market town and local government district in the East Midlands region of England. Situated about north-west of London and around south-east of Birmingham, Northampton lies on the River Nene and is the county town of Northamptonshire. The demonym of Northampton is...
Town and County Building Society in 1959. Anglia Building Society
Anglia Building Society
The Anglia Building Society was first formed by the merger of the Northampton Town and County and Leicestershire building societies in the United Kingdom in 1966...
was formed by amalgamation of this Society with Leicestershire Building Society in 1966 and subsequently merged with Nationwide Building Society
Nationwide Building Society
Nationwide Building Society is a British building society, and is the largest in the world. It has its headquarters in Swindon, England, and maintains significant administration centres in Bournemouth and Northampton...
in 1987.
External links
- Norwich and Peterborough Building Society
- Astra Mortgages for the use of UK intermediaries only