Looking after you!

(view full article)Our spring newsletter went out to members with their revamped bonus notices and included a Q&A section on bonuses.That newsletter also explained the changes to ISAs, and we include a summary of key points in this issue. We were delighted that so many of you started an ISA or transferred your existing ISA to us.

.....We are regulated by the Financial Services Authority (“FSA”). The FSA are increasingly reverting to regulating through principles rather than detailed rules. A key principle is “Treating Customers Fairly” or TCF. As a mutual Society, owned by our members, we never forget we are here to serve YOU.
Many of the initiatives we have undertaken over the last couple of years, like our review of the bonus notices and the accompanying breakdown of premiums, have been aimed at the needs of our members – and these have been helpful in demonstrating our commitment to TCF.

• All our products are now explained in attractive jargon-free brochures. We are trying to get these into all the main places of work – please let us know if you do not have ready access to them, or if your supply is running low.
• We are pointing out to our members that they remain eligible for our products after they retire or leave service.
• We have allocated over £2 million of our capital to enhance with-profit pay-outs
• Information about products, bonuses and much more is given on our publicwebsite and on the MPS intranet (“Aware”)
• We are spreading our assets more widely, to reduce the amount that pay-outs fluctuate from year to year.
• We keep our protection products under review – both the benefits we offer and the price we charge
• We are seeking the opinions of our members, and now write to all new members
• Our everyday Insurance range has expanded well beyond Travel – we now also cover home and motor with online quotes, and there is a helpline – 0845 362 7288 for a wider range of products.
• We are trying to confirm the addresses of our retired members and to trace them where they are out-of-date. Please let us know if you move house – even if we write to you at your work address. If you are retired andhave e-mail, please e-mail us with your current contact details.