PMS 'Savers' Probe Launched

On foot of high-level political interest, it emerged this week that the regulatory body for accountants is to investigate the collapse of the Presbyterian Mutual Society (PMS).

The move comes weeks after the NI Executive First Minister Peter Robinson (pictured) took action and personally championed the cause of PMS savers to the Prime Minister Gordon Brown.

The case hinges on an alleged failure of the group to obtain the appropriate "regulatory authorisation" before its difficulties last year will be investigated.

The society, which has 9,500 members, went into administration in November 2008, leaving hundreds of members high and dry.

The Accountancy and Actuarial Discipline Board (AADB) investigation is expected to involve the conduct of members and a member firm in relation to the alleged failure by Presbyterian Mutual Society Limited (PMS) to obtain the appropriate regulatory authorisation for the conduct of its business during the period from 2000 to 2008.

The probe is in connection with events leading up to PMS being placed into administration.

The AADB's decision to initiate an investigation was taken following the receipt of information from the Financial Services Authority and input from the Chartered Accountants Regulatory Board.

So far none of the PMS members has received compensation, with the Government insisting they were "not savers but investors" with shares in the society.

See: Presbyterian Assembly Twice Picketed Over Church 'Betrayal'

(BMcc/JM)