Go-ahead for pounds 1.8bn C&G bonuses

Go-ahead for pounds 1.8bn C&G bonuses

The Building Societies Commission confirmed the transfer of Cheltenham & Gloucester Building Society's business, clearing the way for pounds 1.8bn in bonuses to the C&G's customers. The transfer will be complete on 1 August. As regulator of the sector the BSC had to hold a public hearings and take submissions on the deal, and sources said that the vast bulk of the 140 submissions were from people complaining they did not qualify to receive the cash payments.