Championing consumers
We believe in treating people fairly not only in our own dealings with members and customers but also by drawing attention to wider issues affecting consumers. This year we continued to campaign on issues including cash machine charges and children's savings.
Free cash machines and financial inclusion: All of Nationwide's 2,400-plus machines operated by us are free of charge. Nationwide is also the only UK financial institution not to charge for cash withdrawals when abroad. We have long campaigned to protect the free cash machine network. During the year we welcomed the fact that the industry agreed action to tackle the impact of ATM charges on those who can least afford them. Charging machine operators also agreed to making signage clearer on machines to enable consumers to see, at a glance, if they will be charged.
We developed an innovative partnership with Bristol-based anti-poverty groups, which offers a blueprint for other cities. We already operate 30 cash machines in the area, all free. We pledged to provide further free cash machines for low-income areas across Bristol and Weston-super-Mare, where suitable sites could be found.
Treating all children fairly: We called for a fairer regime of tax treatment on children's savings to give all children the same incentives to save for the future without being penalised. Currently a two-tier system treats older and younger siblings differently. MPs also backed Nationwide's research, which showed that more could be done by Government to improve the savings culture among young people.
Raising the stamp duty threshold to benefit first-time buyers: As part of our commitment to support affordable housing in the UK, we continued to press for an increase in the stamp duty threshold. The initial 1 per cent tier of stamp duty tax paid on residential house purchases would be raised in line with house price inflation.
Increasing ISA allowances to encourage savings: We welcomed the fact that in the 2007 budget, the Chancellor responded to our call for an increase in the ISA limits. We continue to ask for the limits to be index-linked to ensure that they retain their value over time.
UK call centres: Research conducted by Nationwide shows that 91% of people say it is important to them that their enquiries are handled from UK-based call centres. We reaffirmed our commitment with the opening of our fifth centre in Wakefield. Employee turnover at our call centres is one of the lowest among financial services institutions in the UK.
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