Members’ Review

Members’ Review A year in view 2018 2 Members’ Review 2018

Contents

Welcome 2-3 What comes next? 4-5 Let’s get digital 6-7 55+ Retirement Mortgages 8-9 With you, every step of the way 10-11 Summary Financial Statement 12-15 Auditor’s Statement 16 Summary Directors’ 17-18 Remuneration Report Member information 19

Welcome... to your 2018 Members’ Review. As a member of the Marsden, we want to share with you our success in year and outline our plans for 2019…

The Marsden, as it has for 159 years, operates £514.2m). In last years’ Members’ Review, for the benefit of members now and remains I outlined our plans forward for business committed to continued investment and change. I’m proud to report that alongside this staying relevant for the future. We continue milestone we’ve also made great progress to build on our simple purpose within society in these areas, from technology changes to support people in owning their homes and improving the foundations of our digital saving for their future and as the world around capability, to increases in our product ranges us changes we evolve to make sure that we supporting wider choice for our members. stay true to our roots. We’ve improved our people development 2018 was a real milestone for the Marsden providing structure and support to make the as we increased the size of our business to Marsden a great place to work and to reward over half a billion pounds for the first time and recognise the people who make the in our history (assets increasing by 8.8% to Marsden what it is today.

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Our people and our members“ make the Marsden what it is today, we’ve reached a milestone this year and are excited to let members know what comes next…”

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What comes next in 2019? I am immensely proud of what the Marsden team has achieved. Together, we’ve delivered a strong year of performance, both financially and built the organisational capability to support our future services. 2019 will be an equally busy period for the Marsden, our continued success dependent upon the commitment and enthusiasm we bring as a team. In the coming year, we will maintain our focus on the strategic priorities to ensure we continue “to do the basics brilliantly” and at the same time defining our decisions for investment, supporting our people to ensure we deliver the products and services needed by our members. Our plans for improved digital capability are complementary to what our members experience in their interaction with colleagues

Customer Experience We continue to attach importance to the customer journey and to remove the friction in doing business with the Society. Our programmes aim to continually evolve and improve the services we offer and in doing so, making it easier for members, colleagues and intermediaries to do business with us.

People We’re a growing business and with that, a growing team. We’ve set our ambition forward around what we need to deliver across our infrastructure, estates and technology, maintaining a continued focus on investing in our people which is paramount. We remain focused on creating an environment where working as a team is celebrated, where colleagues continue to feel part of something special.

Technology Our business has seen huge amounts of change, we’ve substantially completed our IT transition plans, upgraded our core platforms and launched our new Savings Online service to existing customers. In the coming year, we have plans to build on this (as detailed on page 6, ‘let’s get digital’).

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across all our teams, our plans will deliver increased support for how members connect with their Society, something that is important today but becoming increasingly important in our future. Excited by the challenge this represents and ever mindful of the external environment and the changes that this will bring, we have an assured confidence that is drawn from the successes we continue to deliver year on year. Another busy year ahead, I look forward to sharing an update with you in the future!

Rob Pheasey Chief Executive

Products We have a track record of innovation as seen with the launch of our lending in Guernsey, introducing our Family Step mortgage (up to 100% mortgage with family support), Retirement Interest Only (RIO) mortgages and the widening of our savings account range. This remains an important aspect of our future, offering solutions that meet the financial needs of our members.

Reach We want more people to experience what we do here at the Marsden so this year we’ve been working hard to get the message out to new members and have welcomed over 3,000 new members to the Society. This builds into 2019, introducing email newsletters to keep in touch with our existing members (join in on our website!) and increasing access to Society.

Investment Strategic investment in the Society remains significant, supporting improved efficiency, as well as developing new products and services. We also look forward to welcoming more colleagues supporting our operational capability and strengthening our resilience for the long-term interests of our members.

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Let’s get digital… Since we first opened our doors, we’ve been adapting to the pace of change and digital advancement is just another step on our journey. It delivers the capacity and resilience to support our future plans. We want members to have increased levels of access to the Society digitally as well as ensuring that these services are simple and straightforward.

What have we delivered so far?

3 Substantially completed our IT transition plans which deliver future capacity and improved resilience

3 We’ve upgraded our core systems to support mortgages and savings administration

3 Transitioned our existing Online Savers to the new and improved digital platform

3 We’ve introduced debit card receipt facilities in branch for deposits over £1,000

So what’s coming next?…

Stay on top of all our latest news… Sign up to receive our newsletter on the Marsden website or speak to a member of our team to join!

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Coming up in 2019...

Savings Online We’ve introduced existing Savings Online customers to our new and improved platform. This will soon be available for existing branch customers to view their passbook accounts online too. Digital Mortgages Our mortgage intermediaries now have access to Intermediaries Online, a digital platform to submit new mortgage applications, track progress and receive notifications of how applications are progressing. Later in the year, we will launch Retention Online, a digital platform making it easier for our borrowers to review their mortgage retention options and select their new mortgage with the Society. Digital Engagement This year, we’ll launch our member newsletter where you can keep up to date with the latest Society news - including digital developments, latest products and our support in the community.

We’re continuing to build a stronger Society through our financial strength, our investment in technology, our operational resilience and in the capabilities of our people.

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55+ Retirement mortgages

How we’re building support for Later Life Lending at the Marsden… A quick guide to see whether you are eligible:

(only one borrower 55 needs to be over 55)

The minimum value of your property must be £150k

Interest only and mortgage lending up to a maximum of We’re working to build awareness around OF YOUR % PROPERTY options available to customers over 60 VALUE the age of 55 who are looking to keep their existing mortgage or to take a new Minimum income per application is mortgage in retirement. We often get asked the question, “why are customers looking to borrow in retirement?”. £17.5k Here’s some of the main reasons why customers (this can be taken from your are looking for solutions; pension or earned income).

“For home improvements” “Already have a mortgage but no lender Why when you get to a certain age would you stop to support” investing in your home? One of the Marsden’s top Some customers already have an existing interest reasons for lending to the over 55’s is to support only mortgage that they’re looking to extend home improvements for customers in their existing in retirement but are facing barriers from their property. existing lender. “For that holiday” “Supporting a step on to the ladder” With many years paying off their mortgage and First time buyers are struggling to get on the having plans to downsize in the future, some property ladder and the Marsden is finding customers are opting to release the funds now that grandparents and parents want to help the taking that holiday they’ve always wanted. younger generation with that first step by releasing the deposit from their property.

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This is a representation and not reflective of Mr and Mrs Carter

We’d been turned down“ by several lenders because of our age. The Marsden team were easy to deal with and reassuring throughout. Getting a mortgage can sometimes be stressful but they took all of that away and I can’t sing their praises enough - we’ll definitely be recommending them!” - Mr Carter

Meet Mr and Mrs Carter, our 55+ Retirement Mortgage customers Mrs Carter (56) and Mr Carter (59) got in touch as they had an existing mortgage on their property that was approaching the end of the mortgage term. They were looking to remortgage so that they were able to stay in their home, with plans to downsize in the future to repay their mortgage. They were running out of options as they were struggling to find a solution due to their age. After 18 months of searching, Mr Carter came across Marsden’s 55+ Retirement Mortgage range. The couple were looking for a term over 17 years which would take Mr Carter up to the age of 76 and Mrs Carter to 73. They were looking for a lender who would allow them to remortgage their existing interest only mortgage with plans to downsize their home in the future to repay their interest only mortgage.

How we helped Mr and Mrs Carter Like to know more? Our team booked the couple a telephone appointment to discuss their circumstances in Our specialist mortgage team more detail. We found they were eligible for the can give you more information on 55+ Retirement mortgage because: our 55+ Retirement Mortgages 3 They could evidence their income to support monthly payments. and confirm your eligibility. 3 They had plans to downsize in the near future Call now on so were eligible for an interest only mortgage. 3 They were over the age of 55. 01282 440537*

*Telephone calls will be recorded and may be monitored. Lines open 9:00-4:45pm Mon–Fri and 9.00am-12noon

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With you, every step of the way… Our members choose us as a safe home for their savings or to support them with their mortgage. These are not small decisions, whether you are saving for your next adventure, continuing to put a roof over your head or even making that first exciting step onto the property ladder. We understand, and that’s why we pride ourselves on the service that we offer as well as the range of support we give to you every step of the way…

Your mortgage A home isn’t just made up of bricks and mortar, it’s a promise for the future, which the Marsden understands. We know that our borrowers have differing requirements and circumstances, so our mortgage teams consider each application on an individual basis.

Your savings From easy access saving accounts to long term ISAs, we have a range of options to choose from to suit your needs. We know that you’re trusting your hard earned savings with the Society and we aim to ensure that we deliver value back to our members through competitive rates as well as access to a wide product range to meet different needs. Our teams are experienced and passionate about what they do. Together, we can help make your savings work hard so you can spend more time enjoying them!

Everything in between... We have helped our members with savings and mortgages since we first opened our doors in 1860. Since then, the needs of our members have changed and we realise the importance of supporting you with other products and services to help you achieve your financial goals. Our focus remains on delivering the very best service to our members which is why we’ve formed partnerships with other trusted organisations that are experts in their fields too. We work with partners to offer you both Home Insurance and Prepaid Funeral Plans which are delivered in our branch with help and support from your local team.

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As a mutual, the balance “between investing and growing the business sustainably whilst providing value back to our members is one we work hard to deliver. We place importance on meeting the needs of our members, supporting them every step of the way. ” - Rob Pheasey, CEO

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A YEAR 2018 IN VIEW

Total Assets £514.2m up 8.8% (2017: £472.8m)

Share Balances New Members £433.0m +3050 up 12.3% (2017: £385.7m) (2017: 3,085)

Residential Mortgages Profit After Tax Balances £417.8m £1.761m up 9.7% (2017: £380.8m) up 52.2% (2017: £1.157m)

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Summary Financial Statement for the year ended 31 December 2018

This financial statement is a summary of information in the audited annual accounts, the Directors’ report and the annual business statement, all of which will be available to members and depositors free of charge on demand at every office of Marsden Building Society from 22 March 2019 and on our website. Summary Directors’ Report Business strategy During 2018 the Society delivered a strong performance in year, maintaining growth across our savings and mortgage business. The Marsden, as it has for 159 years, operates for the benefit of members now and remains resilient for future generations. We build on the simple purpose within society to support people in owning their homes and saving for their future and as the world around us changes we evolve to make sure that we stay true to our roots. Our year in numbers The Society remains in an excellent financial position, with strong capital ratios and high quality liquidity. We have sought to diversify our lending into lower risk markets whilst maintaining our focus on risk adjusted returns. As a result, we have maintained our net interest margin, particularly pleasing with the headwinds in year brought by increased competition in the lending market. The Society’s financial performance this year sees us celebrating a new milestone as we increased the size of our business to over half a billion pounds for the first time in our history (assets increasing by 8.8% to £514.2m). In addition, our total residential mortgage balances has grown by 9.7% to £417.8m and our total share balance by 12.3% to £433.0m. Our profits after tax have seen an increase of 52.2% on the previous year at £1.761m which further strengthens our capital position and underpins our future investment plans in members best interests.

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Summary Financial Statement (continued) for the year ended 31 December 2018 We continued to grow our savings business in digital channels through which members have year with a net retail growth of £46.9m, achieved access to their Society. entirely through our high street branches, Prioritising investment and exercising appropriate welcoming 1,818 new savings members. oversight over costs is fundamental to plans for August brought an increase in the Bank Base the business. In year we increased our team Rate and to balance the interests of all members, and systems capabilities which increased the Society adjusted rates for borrowers and administrative expenses net of other income for most of our savers. We continually review but as a proportion of mean assets the ratio has the products on offer to both our mortgage and reduced by 1bp to 1.24%. Decisions to defer savings customers to make sure the value of systems deployment and new people joining our membership is passed back wherever possible. team in Q4 2018 and into Q1 2019 has resulted Our mortgage business performed well in year in higher profitability in year. and we increased our gross lending to £122.8m UK financial service sector and (2017: £116.6m) welcoming 1,232 new borrowing economic outlook members. We continue to grow our support We see no immediate change to the economic for later life lending and have maintained our uncertainty and risks associated with Brexit. At positioning to expats working abroad investing a macro-economic level, this may bring changes in UK property. We continue to help first time in interest rates, movements in house prices, buyers take their first step on the ladder, both GDP and perhaps employment levels. What is through the conventional low deposit mortgage more evident is the impact of uncertainty on both schemes and complementing this with new customer confidence and behaviour. lending initiatives such as Family Step offering 100% mortgages when supported by family In setting our business plans forward, we’ve through savings or property. We also delivered invested more time in assessing the disruption on our plans to extend into new areas with our that this may bring to our plans for 2019. We first mortgages completed in year to Guernsey enter this period once again positioned for residents. growth in our core mortgage and savings business, but with an expectation that overall Our future built on resilience, efficiency and profitability will be maintained, not necessarily great people increased on our trading operations. This will During 2018, much of what we have done be largely down to the need to ensure value strengthens and evolves the services we already for existing members and to compete for new provide working to continually build on a better members within our chosen markets. The experience for colleagues and customers. Society’s strong financial position, our balance sheet structure and strong mortgage pipeline We’re a growing business and with that, a places the Society in a strong position as we growing team. Our people strategy recognises enter 2019. the importance of the Marsden team who each play their part in building a better future for the Our future Society. It starts with the basics around improving The world around us has changed since we were our working environments as well as recognising founded in 1860 and we have responded and and celebrating the success of our people. We evolved into the modern mutual we are today. remain focused on creating an environment Whilst our core mutual purpose has not changed, where working as a team is celebrated, one the requirement to continue to evolve and adapt in which colleagues continue to feel part of remains and will quicken in the years ahead. something special. Our response is to maintain our investment in our During the year, we’ve delivered a number of technology and our people – continuing to build significant IT infrastructure projects that will on our existing capability and see the Marsden support our future plans and strengthen our go from strength to strength. Giving value to our operational resilience and cyber security. This members both in the products we offer and the will ensure that we are best placed to continue service we deliver is our continued ambition. to meet the evolving needs of our members and support closer integration across our branch and

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Results for the Year 2018 2017 £000 £000 Net interest receivable 8,280 6,977 Other income and charges 369 338 Fair value gains on financial instruments 36 105 Administrative expenses (6,480) (5,914) Provisions for bad and doubtful debts 79 (83) Provisions (100) 12 Operating profit 2,184 1,435 Profit on sale of tangible and intangible assets 24 5 Profit on the year before taxation 2,208 1,440 Taxation (447) (283) Profit for the year 1,761 1,157

Financial Position at the end of Year 2018 2017 Assets £000 £000 Liquid assets 92,226 85,916 Derivative financial instruments 26 27 Mortgages 419,146 384,345 Fixed and other assets 2,828 2,548 Total assets 514,226 472,836 Liabilities Shares 433,008 385,658 Borrowings 40,080 47,835 Derivative financial instruments 11 61 Other liabilities 2,459 2,377 Reserves 38,668 36,905 Total liabilities 514,226 472,836

Summary of Key Financial Ratios 2018 2017 % % Gross capital as a percentage of shares and borrowings 8.17 8.51 Liquid assets as a percentage of shares and borrowings 19.49 19.82 Profit for the year as a percentage of mean total assets 0.36 0.26 Management expenses 1.31 1.33 Management expenses net of other income 1.24 1.25

Definitions The gross capital ratio gives an indication of the assets measures the profit after taxation for the year extent to which a society is funded by retained as a proportion of the Society’s total average assets earnings and other reserves compared with shares during the year. The Society maintains a reasonable and borrowings. Gross capital provides a financial level of profit each year in order to keep its capital cushion against any losses which might arise from ratio at a suitable level to protect investors. the Society’s activities to safeguard the interests of Management expenses represent the total cost of investors. administrative expenses and depreciation. They The liquid assets ratio is a measure of the constitute the cost of employing staff, complying proportion of a society’s funding covered by cash with legislation, advertising and maintaining assets or those readily convertible into cash. Liquid the Branch network and Principal Office. The assets are by their nature realisable to allow the management expenses ratio measures the Society to meet withdrawals by investors, make new proportion that these expenses bear to the simple mortgage loans and fund its business activities. average of total assets at the beginning and end of Profit for the year as a percentage of mean total the financial year.

Approved by the Board of Directors on 4 March 2019 and signed on its behalf by: J L Walker R M Pheasey N Walker Chairman Chief Executive Finance Director & Chief Risk Officer

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Independent auditor’s statement to the members and depositors of Marsden Building Society Opinion Our report on the Society’s full annual accounts We have examined the summary financial describes the basis of our opinions on those statement of Marsden Building Society (‘the annual accounts, the Annual Business Statement Society’) for the year ended 31 December 2018 and Directors’ Report. set out on pages 13 to 15. Directors’ responsibilities On the basis of the work performed, as The directors are responsible for preparing the described below, in our opinion the summary summary financial statement within the Members’ financial statement is consistent with the full Review, in accordance with applicable United annual accounts, the Annual Business Statement Kingdom law. and Directors’ Report of the Society for the year ended 31 December 2018 and conforms with Auditor’s responsibilities the applicable requirements of section 76 of Our responsibility is to report to you our opinion the Building Societies Act 1986 and regulations on the consistency of the summary financial made under it. statement within the Members’ Review with the full annual accounts, Annual Business Statement Basis of opinion and Directors’ Report and its conformity with Our examination of the summary financial the relevant requirements of section 76 of the statement consisted primarily of: Building Societies Act 1986 and regulations • Agreeing the amounts and disclosures made under it. included in the summary financial statement The purpose of our work and to whom we to the corresponding items within the full owe our responsibilities annual accounts, Annual Business Statement This auditor’s statement is made solely to and Directors’ Report of the Society for the the society’s members, as a body, and to the year ended 31 December 2018, including society’s depositors, as a body, in accordance consideration of whether, in our opinion, the with section 76 of the Building Societies Act information in the summary financial statement 1986. Our work has been undertaken so that has been summarised in a manner which is we might state to the society’s members and not consistent with the full annual accounts, depositors those matters we are required to state the Annual Business Statement and Directors’ to them in such a statement and for no other Report of the Society for that year; purpose. To the fullest extent permitted by law, • Checking that the format and content of the we do not accept or assume responsibility to summary financial statement is consistent with anyone other than the society and the society’s the requirements of section 76 of the Building members as a body and the society’s depositors Societies Act 1986 and regulations made as a body, for our work, for this statement, or for under it; and the opinions we have formed. • Considering whether, in our opinion, David Allen information has been omitted which although for and on behalf of KPMG LLP, not required to be included under the relevant Statutory Auditor requirements of section 76 of the Building Chartered Accountants, 1 Sovereign Square, Societies Act 1986 and regulations made Sovereign Street, Leeds, LS1 4DA under it, is nevertheless necessary to include 4 March 2019 to ensure consistency with the full annual accounts, the Annual Business Statement and Directors’ Report of the Society for the year ended 31 December 2018. We also read the other information contained in the Members’ Review and consider the implications for our statement if we become aware of any apparent misstatements or material inconsistencies with the summary financial statement.

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Summary Directors’ Remuneration Report

Directors’ Remuneration Report both business and risk management objectives. The purpose of this report is to inform members In addition, Executive directors can receive an about the policy for the remuneration of amount in excess of the Society Bonus Scheme executive and non-executive directors. This reflecting individual performance in delivering report also explains the extent to which the outcomes in excess of planned performance Society has complied with the provisions of of the Society. Any payment is taxable but non- the UK Corporate Governance Code relating pensionable. A 17% bonus, as a proportion of to Remuneration, were it required to do so. The reference salary prior to any salary sacrifice, was Society has adopted a Remuneration Policy payable in respect of 2018 (2017: 17%), 9% in which describes how the Society has complied respect of the Society Bonus Scheme and 8% with the requirements of the Remuneration Code, in recognition of individual performance (2017: as defined by the Regulator. 10% plus 7%). Payments under the scheme are We are committed to best practice in corporate made during the first half of the year following governance and will ask members to vote, on an that in question and are not currently subject to advisory basis, on the Directors’ Remuneration deferral. Report at the forthcoming Annual General Executive directors participated in a defined Meeting. contribution Group Personal Pension Scheme which is available to all eligible employees of The level and composition of remuneration the Society at a contribution rate of 10% of Code Principle – Levels of remuneration should salary per annum. From 1 July 2011 the Society be sufficient to attract, retain and motivate introduced a Salary Sacrifice Scheme for all staff, directors of the quality required to run the in which the executive directors participate. company successfully, but a company should There are currently no formal service contracts avoid paying more than necessary for this in existence for executive directors at the Society. purpose. A significant proportion of executive The employment of executive directors can be directors’ remuneration should be structured terminated by either party giving one year’s so as to link rewards to corporate and notice with compensation for loss of office being individual performance. 12 months remuneration. The Society’s policy is that remuneration of Non-executive directors executive directors and senior managers should be comparable with that of similar organisations Remuneration of non-executive directors, in the financial sector to attract, retain, and excluding the Chairman, is determined by motivate individuals with the required skills and the Chairman and the executive directors competence. taking account of the time commitment and responsibility of the role and the remuneration Directors’ Remuneration and conditions for non-executive directors at Executive directors comparable societies and financial institutions. The remuneration of executive directors is Non-executive directors do not participate in basic salary, an annual bonus (when payable), the Society’s Bonus Scheme or receive other pension, death in service benefits, company car benefits or any pension entitlement. There are no and private medical insurance. service contracts in existence for non-executive Basic salaries are reviewed annually taking into directors of the Society. account the following: Procedure for determining remuneration • individual performance Code Principle: There should be a formal and • salaries and incentives payable to executives transparent procedure for developing policy in similar roles within building societies and on executive remuneration and for fixing levels generally within the wider financial remuneration packages of individual directors. services industry No director should be involved in determining • the Society’s overall performance his or her own remuneration. Executive directors participate in the Society’s The Remuneration Committee is responsible Bonus Scheme. The level of bonus paid is based for determination of policy on the level of on criteria set by the Board each year, linked to remuneration payable to the senior management the overall performance of the Society including team and Chairman. The Chairman takes no

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Summary Directors’ Remuneration Report (continued) part in the discussion in respect of his own (Chairman), M L Ibbs, C McDonald and remuneration. The Committee takes account J L Walker. The Chief Executive attends each of information on remuneration payable at meeting by invitation. The Chairman and comparable building societies and the time Chief Executive take no part in the discussion commitment and responsibility in respect of the concerning their individual remuneration. Chairman. The Terms of Reference of the Remuneration The Remuneration Committee had two meetings Committee are published on the Society’s during 2018. The composition of the Committee website. as at 31 December 2018 was C A Ritchie

Directors’ remuneration (audited information) Pensions Fees/ Variable and group life contributions 2018 Salary Remuneration Benefits Total Non-executive £ £ £ £ £ J L Walker Chairman From 1 March 2018 34,418 - - - 34,418 R W Barlow To 24 July 2018 27,751 - - - 27,751 T T Brooke To 24 July 2018 14,920 - - - 14,920 M R Gray From 1 June 2018 15,169 - - - 15,169 A M Hope 25,755 - - - 25,755 M L Ibbs Senior Independent Director 25,755 - - - 25,755 C McDonald From 1 June 2018 15,169 - - - 15,169 C A Ritchie 25,755 - - - 25,755 184,692 - - - 184,692 Executive £ £ £ £ £ R M Pheasey Chief Executive 162,873 29,325 41,427 9,277 242,902 N Walker Finance Director and CRO 113,532 22,950 29,361 21,416 187,259 276,405 52,275 70,788 30,693 430,161

Pensions Fees/ Variable and group life contributions 2017 Salary Remuneration Benefits Total Non-executive £ £ £ £ £ R W Barlow Chairman 45,555 - - - 45,555 T T Brooke 24,423 - - - 24,423 I J Bullock To 13 September 2017 18,171 - - - 18,171 A M Hope 24,423 - - - 24,423 M L Ibbs Senior Independent Director 24,423 - - - 24,423 C A Ritchie 24,423 - - - 24,423 161,418 - - - 161,418 Executive £ £ £ £ £ R M Pheasey Chief Executive 154,446 28,050 28,814 17,215 228,525 N Walker Finance Director and CRO 108,839 22,101 18,396 28,057 177,393 263,285 50,151 47,210 45,272 405,918

Executive directors’ salaries are disclosed net of salary sacrificed under the scheme available to all staff, within which the executive directors’ participate. C A Ritchie Chairman of the Remuneration Committee 4 March 2019

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Member information Each year there’s lots of change that takes place. Here’s some of the main points to take note of as a member of the Marsden:

What happens if my savings rate changes?

We will tell you the interest rate that applies to your account (and when it is paid or Why your money is safe credited) when you open it. This information with us is also available: in our current savings rate leaflet; • Compensation is currently available on • up to £85,000 for sole accounts and • on our website; £170,000 for joint accounts. • on our telephone helpline; • No investor in a building society has lost • by asking our staff; and any of their investment since records • by looking at notices in our offices. began and probably a long time before that. (Source: BSA). Your eligible deposits with Marsden Building Society are protected up to a What’s my ISA allowance total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit this year? protection scheme. Any deposits you hold above the £85,000 limit are not covered. • If you have a Cash ISA account you Please visit www.fscs.org.uk for more can make further subscriptions to your information. account from 6 April 2019. • Under Inland Revenue regulations the maximum amount that can be subscribed in the tax year 2019/20 is £20,000. Please remember that if you do make further subscriptions to your Cash ISA in the tax year 2019/20 you may not subscribe to another Cash ISA in the same tax year. You can find out whether you subscribed to your Cash ISA in the current tax year by visiting your local branch or by contacting Member Services on 01282 440500*.

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In branch For details of our branch locations and opening hours, visit our website

Online Visit us at www.themarsden.co.uk

By phone Call us on 01282 440500*

By post Write to us at Principal Office, 6-20 Russell Street, Nelson BB9 7NJ

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Marsden Building Society is a member of the Building Societies Association. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 206050. Principal Office, 6-20 Russell Street Nelson Lancashire BB9 7NJ. *Calls will be recorded and may be monitored. We act as an introducer and our funeral plans are provided by Dignity Pre Arrangement Limited. A company registered in England No. 1862158. VAT Registration No. 486 6081 14. Registered office: 4 King Edwards Court, King Edwards Square, Sutton Coldfield, West Midlands B73 6AP. Telephone No: 0121 354 1557. Fax No: 0121 355 8081. We act as an introducer and our home insurance is underwritten by Royal & Sun Alliance Insurance PLC (RSA) (no93792). Registered in England and Wales at St Mark’s Court, Chart Way, Horsham, West Sussex RH12 1XL. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in the Financial Services Register under 202323. 120-19