Charity Bank takes case to the Charity Tribunal
Charity Bank has appealed to the Charity Tribunal against a decision by the Charity Commission not to let it change its governing documents so it can comply with banking rules.
The social lender, itself a charity, applied to the Charity Commission last year to make the changes after it realised that its existing articles of association did not allow it to comply with new European banking regulations.
According to the bank’s chief executive Malcolm Hayday, unless the bank is permitted to change its governing documents and comply with the new EU rules, its ability to attract further capital investment and so meet the growing financial needs of the UK’s charity sector will be severely limited.
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