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YOU CAN NOW INVEST IN US DOLLARS AND EUROS

YOU CAN NOW INVEST IN US DOLLARS AND EUROS

We are pleased to inform you that the Rule changes, approved by members at the March AGM, have been registered by the Financial Conduct Authority (FCA) and are now incorporated into our Terms and Conditions. 

The revised Rules now: 

  • Enable the Society to accept investment in US Dollars and Euros (as well as Sterling). As 93% of the payments we make to producers and buyers are in currencies other than GBP, fluctuations in exchange rates have a significant impact on the funds we have available to lend. If we raise investment in US Dollars and Euros, we will reduce the cost of borrowing and lessen the need to pass on US Federal Reserve increases to producers. 
  • The total investment per member remains £100,000, but this can now be split across three currencies. Members who wish to invest in US Dollars or Euros should contact Kerrey Baker, Head of Member Engagement, on 0191 233 9116 or email kerrey.baker@shared-interest.com
  • Allow minors to be members of the Society in their own right, but must have one parent or guardian as a second signatory on the Share Account until they reach the age of 16. 
  • Enable groups or organisations holding Share Accounts to authorise withdrawal requests, with a minimum two signatories rather than all signatories noted on the Share Account. 
  • Provide for a Council of eight members (mirroring the usual size of the Board), being four randomly chosen and four non-randomly chosen members. Council previously comprised of nine members. 

The revised Terms and Conditions are available on our website. If you would like a full copy, or would like to discuss any of the changes, please get in touch with the membership team on 0191 233 9102 or email membership@shared-interest.com

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