Building Societies Association
Feature
BSA responds on Government’s ICB thinking
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Contact: Rachel Wylie Date: 20 Dec 2011 |
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The Government has set out its thinking on the Independent Commission on Banking proposals. It acknowledges there may be areas where the proposals overlap with existing legislation for building societies and therefore the Building Societies Act might require updating.
Commenting, Adrian Coles, Director General of the BSA said:
"We strongly welcome the Government's suggestion that there may be a case to modernise the Building Societies Act and we would urge that work on this begins soon. Also, it is gratifying to have evidence that the coalition commitment to foster diversity and promote mutuality has not been forgotten. We look forward to much more in this space. Building societies and other mutuals are already providing credible competition to the large banks in a way that particularly chimes with consumers today.
"We are pleased that the Government is standing by its initial statement on the Vickers report and plans to legislate to ring-fence the retail operation of banks. We remain hopeful that the implementation of these measures is proportionate to the risks posed.”
