Mutuals Lead on Customer Service

ST PETER PORT, Guernsey, May 4, 2010 /PRNewswire/ -- Mutual Building Societies have outperformed the UK's banks in a number of areas of customer service, new research has revealed. The verdict comes shortly after five unnamed institutions were criticised for poor customer service practices by the UK Financial Services Authority.

Commenting on the results, Jim Coupe, commercial director at Skipton International Limited (http://www.skiptoninternational.com/), the wholly owned subsidiary of the Mutual, Skipton Building Society in the UK said, "Here at Skipton International, we pride ourselves on our commitment to personal service, both for savers and borrowers. In the current fast moving market, both savers and borrowers want to know what is the right product for their own circumstances, so we will take the time to ensure each customer understands the product they have and whether that is right for them."

The new research conducted by GfK NOP for the Building Societies Association in the UK has found that savers and borrowers with mutuals are more satisfied than customers of other financial institutions. Customers saving with a mutual provider were found to be more satisfied with the level of service afforded to them, and were more likely to trust their provider to give good advice, support them in financial difficulties and offer value for money.

Skipton International (http://www.skiptoninternational.com/) Ltd offers a range of sterling, euro and US dollar personal and business accounts and is part of Skipton Building Society, the fourth largest in the UK with over GBP15 billion assets. Skipton International is a leading provider of mortgages in Guernsey, Jersey and Alderney.

Editor's notes:

1) Skipton International Limited (SIL) is a wholly owned subsidiary of Skipton Building Society (SBS), the UK's 4th largest building society with over GBP15 billion assets.

2) SIL is licensed under the Banking Supervision (Bailiwick of Guernsey) Law 1994, as amended.

3) Skipton Building Society has given an undertaking agreeing to discharge the liabilities of SIL in so far as SIL is unable to discharge them out of it own assets and whilst SIL remains a subsidiary of Skipton Building Society.

4) As a Licensed Bank in Guernsey, Skipton International Limited is a participant in the Guernsey Banking Deposit Compensation Scheme (the "Scheme") established by The Banking Deposit Compensation Scheme (Bailiwick of Guernsey) Ordinance, 2008 (the "Ordinance"). The following is a brief summary of the Scheme, but is not intended as a substitute for the actual wording of the Ordinance, a copy of which is available on request.

    - The Scheme only applies to 'qualifying deposits', which
      broadly means deposits made by natural persons for their own benefit;
      with a few limited exceptions such as, for example, deposits made by
      trustees of retirement annuity trust schemes, the Scheme does not apply
      to companies, trusts, partnerships or charities.
    - The Scheme will provide compensation in the event that a Licensed Bank
      is unable to repay its depositors. Under normal circumstances,
      payment will be made within 3 months of receipt of a valid claim form.
    - Compensation is limited to a maximum of GBP50,000 per
      individual claimant; in the case of a joint account each depositor
      would be entitled.
    - Total Scheme compensation in any five year period is limited
      to GBP100 million. If claims exceed this cap, compensation would be
      reduced pro rata. The cap also means that compensation in respect of
      any one bank cannot exceed GBP100 million.
    - The amount payable may be reduced if the Bank has any contractual right
      of set-off against the account. The Scheme is entitled to
      recover compensation from any funds subsequently paid out by the Bank.

5) Deposits made with SIL are not covered by the Financial Services Compensation Scheme established under the UK Financial Services and Markets Act 2000.

6) SIL places funds with SBS and thus its financial standing is linked to SBS. Publicly available information, including reports and accounts, is available from www.skipton.co.uk.

    7) Copies of the latest SIL audited accounts are available on request.

    For more information on Skipton International savings products, visit
    http://www.skiptoninternational.com or call +44(0)1481-727374

    Further information and a leaflet about the Scheme is available at:
    Website: http://www.dcs.gg
    Telephone: +44(0)1481-722756
    Post: P.O. Box 380, St Peter Port, GY1 3FY

    Media contacts: Please contact:
    Guy Stephenson/Jennifer Duffy
    Nacelle Limited
    Tel: +44(0)20-8333-9125
         +44(0)7980-241-558
    E-mail: [email protected]

SOURCE Skipton International