Kent Reliance Provident Society: Difference between revisions
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{{Short description|2011–2022 UK industrial and provident society}} |
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'''Kent Reliance Provident Society''' (KRPS) was an [[industrial and provident society]] in the United Kingdom, formed as part of the transfer in 2011 of [[Kent Reliance|Kent Reliance Building Society's]] business to OneSavings Bank plc (OSB). |
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'''Kent Reliance Provident Society''' '''(KRPS)''' is an [[industrial and provident society]] in the [[United Kingdom]], it is also a member of [[Co-operatives UK]].<ref>{{cite web|title=Co-operatives UK- KRPS|url=http://www.uk.coop/organisation/kent-reliance-provident-society-limited.}}</ref> KRPS currently holds the majority of shares in [[OneSavings Bank|OneSavings Bank Plc]]<ref>{{cite web|title=Kent Online:Kent Reliance Building Society to become a bank|url=http://www.kentonline.co.uk/kentonline/news/2010/november/19/kent_reliance_building_society.aspx}}</ref> following the transfer of the [[Kent Reliance Building Society]] business to OneSavings Plc on 1 February 2011 and the subsequent renaming of OneSavings to OneSavings Bank Plc.<ref>{{cite web| url=http://www.krps.com/introduction.htm|title= KRPS:Introduction}}</ref> The remaining shares in OneSavings Bank Plc are owned by the [[private equity firm]] [[JC Flowers]]. The transfer was narrowly approved by 75.8% of Kent Reliance Building Society's investing members, compared to the 75% required to approve it. |
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The membership of the former building society was transferred to KRPS while OSB, trading as Kent Reliance, krbs and Kent Reliance Banking Services, continued the banking activities. |
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KRPS claims on its website that "...it is in the members' best interests to retain a structure that can allow for continued mutuality (through KRPS), rather than bring about an outright demutualisation [of KRBS].",<ref>{{cite web| url=http://www.krps.com/yourquestions.htm|title=KRPS:Your Questions}}</ref> however, this could change in the future if KRPS reduces its stake in OneSavings Bank.<ref>{{cite news| url=https://www.bbc.co.uk/news/business-10849892|title=BBC News: Kent Reliance Building Society unveils banking plan | date=3 August 2010}}</ref> |
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OSB subsequently combined with Charter Court Financial Services in 2020 to form OSB Group.<ref>{{Cite web |title=Disclaimer Combination with Charter Court Financial Services |url=https://www.osb.co.uk/disclaimer-combination-with-charter-court-financial-services/ |access-date=2024-01-30 |website=www.osb.co.uk}}</ref> |
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All members of the former [[Kent Reliance Building Society]] became members of KRPS on 1 February 2011.<ref>{{cite web|url=http://www.krps.com/yourquestions.htm |title=KRPS:Your Questions}}</ref> |
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Due to the fact that the Society had evolved significantly from its original conception, at the Annual General Meeting on 26 July 2022 the members agreed a proposal to wind up the Society.<ref>{{Cite web |title=Future proposals {{!}} Kent Reliance Provident Society |url=https://www.krps.com/future-proposals |access-date=2024-01-30 |website=www.krps.com}}</ref> Its assets to be transferred into a new charity, the ‘Kent Reliance Community Foundation Limited’. |
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==KRPS Rewards== |
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'''KRPS Rewards''' is a cashback and discount club which is free to join for KRPS members.<ref>{{cite web| url=https://www.krpsrewards.com/krps-benefits.php|title= KRPS Rewards}}</ref> |
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As a result of this decision it is no longer possible to apply to become a member of KRPS. |
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==References== |
==References== |
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{{Reflist}} |
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[[Category:Co-operatives in the United Kingdom]] |
[[Category:Co-operatives in the United Kingdom]] |
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Latest revision as of 22:32, 7 June 2024
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| Company type | Mutual |
|---|---|
| Industry | Financial services |
| Founded | 2011 |
| Headquarters | Chatham, Kent, United Kingdom |
Key people | Malcom McCaig |
| Subsidiaries | OneSavings Bank plc (59.9% share) |
| Website | www |
Kent Reliance Provident Society (KRPS) was an industrial and provident society in the United Kingdom, formed as part of the transfer in 2011 of Kent Reliance Building Society's business to OneSavings Bank plc (OSB).
The membership of the former building society was transferred to KRPS while OSB, trading as Kent Reliance, krbs and Kent Reliance Banking Services, continued the banking activities.
OSB subsequently combined with Charter Court Financial Services in 2020 to form OSB Group.[1]
Due to the fact that the Society had evolved significantly from its original conception, at the Annual General Meeting on 26 July 2022 the members agreed a proposal to wind up the Society.[2] Its assets to be transferred into a new charity, the ‘Kent Reliance Community Foundation Limited’.
As a result of this decision it is no longer possible to apply to become a member of KRPS.
References
[edit]- ^ "Disclaimer Combination with Charter Court Financial Services". www.osb.co.uk. Retrieved 30 January 2024.
- ^ "Future proposals | Kent Reliance Provident Society". www.krps.com. Retrieved 30 January 2024.