Sir: In common with many households, we received some hefty literature giving details about the proposed conversion of the Halifax Building Society into a bank. I say "we" although it was solely addressed to my husband, even though we have always had joint accounts. The Halifax presumably does not consider women fiscally competent.
I did attempt to read this document, which seems more concerned about share allocation than the arguments for conversion. I searched in vain for a section putting a contrary view. There was none, yet there are compelling arguments against conversion. To keep share-holders sweet the cost of borrowing will go up and the rates of return on savings will go down.
Building societies were established to enable people to buy their own homes - not for people to make a financial killing. There is not exactly a shortage of banks in most high streets (although rural areas might appreciate the odd one).