Stockport Homes is limited by guarantee i.e., no shares. Therefore, consider what happens if it fails.

Stockport Homes Ltd

NPS Stockport Ltd

SK Solutions Ltd

Individual Solutions Ltd

Whatever this strategy represents, why was it not left “in house”? Surely this indicates an ulterior motive unconnected with the prosperity of the citizens of Stockport – too overcomplicated to be straight. After all, SMBC should have had enough talent on the high payroll to run these, and then it would have been controllable.

The questionable “Arms Length” relationships with SMBC – e.g., guarantees on possible losses on pension funds.