Skipton 'reluctantly' moves to introduce charitable assignment

Skipton Building Society has become one of the final top 20 mutual societies to introduce a charitable assignment. Following the move, all new investing members will have to sign away windfall rights for the next five years. The decision was not one the board wanted to make, but felt it was appropriate as societies face mounting pressure to convert. Mark Smitheringale, head of corporate communications, said: "Use of charitable assignments seems to have become a test of a societies' commitment to mutuality, and in the past we have been accused of not showing our commitment to our status by...