Assembly Committee Welcomes Governmental Working Group

The Northern Ireland Assembly’s Committee for Enterprise, Trade and Investment has welcomed news that a governmental working group has been set up to address issues and options arising from the collapse of the Presbyterian Mutual Society (PMS).

The Committee has made a number of representations on the predicament of PMS members and has engaged with the Department of Enterprise, Trade and Investment (DETI), the PMS administrator, the Treasury and the Financial Services Authority (FSA). Most recently the Committee wrote to press Treasury Minister, Ian Pearson, for a more swift and satisfactory outcome for the people affected. In that letter, the Committee highlighted particular concerns around comments from the Secretary of State which suggested the devolved authority (DETI) had failed to regulate the PMS, whereas it was the FSA who should have been regulating aspects of PMS business. The Committee also registered concern over the Secretary of State pointedly referring to those affected by the PMS collapse as investors, rather than savers in an attempt to differentiate between them and savers with banks or building societies who have been supported by Government.

Mark Durkan, MP, MLA, Chairperson of the Committee said: “PMS savers diligently saved their money in the belief that that their money would be safe. Clearly, they are savers, not investors and should be treated as such. The Government moved quickly to put a solution in place when the Dunfermline Building Society collapsed. A similar solution could and should be found for the PMS as a matter of urgency.”

Jennifer McCann, Deputy Chairperson of the Committee said: “The PMS collapse has caused hardship and heartache for many. The Committee is urging the Treasury to bring this matter to an end by developing a solution that ends this anxiety for savers and re-establishes trust and confidence in our financial system.”

ENDS

Notes to Editors:

The Committee for Enterprise, Trade and Investment’s membership is:

Chairperson Mark Durkan MP (SDLP)
Deputy Chairperson Jennifer McCann (Sinn Fein)
Alliance         Sean Neeson
DUP              Simon Hamilton
                    Robin Newton
                    Jim Wells
Sinn Fein        Paul Butler
Independent   Gerry McHugh
SDLP             Alasdair McDonnell MP
UUP               Leslie Cree
                    Alan McFarland