Media Centre
Press release
BSA welcomes FSA’s positive approach to building societies in its plans for a new sourcebook
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Contact: Katie Errington Date: 5 Jun 2009 |
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Commenting on the FSA’s publication today of a consultation paper on a new specialist sourcebook for building societies, that will enhance the supervisory guidance available on societies’ financial and credit risk management, Brian Morris, Head of Savings Policy at the BSA said:
“We welcome the positive and sensible messages about building societies that FSA has put up front in its consultation paper. We are pleased that FSA has designed its proposals to encourage the maintenance and promotion of a strong, vibrant mutual sector.
“We also welcome the assurance that this sourcebook is in no way intended to restrict societies’ ability to compete with banks. Societies with the requisite systems and controls will have complete flexibility to operate within the statutory limits set by Parliament.
“We look forward to working with FSA through the consultation period and beyond, on improving and refining this first draft. A lot of detailed work has gone into it already, and we need to review it carefully with our member societies. ”
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CONTACT: Katie Errington
DIRECT LINE: 020 7520 5904
EMAIL: katie.errington@bsa.org.uk
The FSA has published CP 09/17 covering a draft of a new Specialist Sourcebook for building societies. See in particular paragraphs 1.1, 1.8 and 1.19 in its opening chapter, cited above.
The FSA’s press release and the CP itself can be viewed at the links below -
Press release - http://www.fsa.gov.uk/pages/Library/Communication/PR/2009/073.shtml
Consultation paper - http://www.fsa.gov.uk/pages/Library/Policy/CP/2009/09_17.shtml
The Building Societies Association (BSA) represents all 53 building societies in the United Kingdom. Building societies have total assets of £395 billion and, together with their subsidiaries, hold residential mortgages of almost £250 billion, more than 20% of the total outstanding in the UK. Societies hold over £240 billion of retail deposits, accounting for more than 20% of all such deposits in the UK. Building societies also account for about 37% of all cash ISA balances. Building societies employ over 51,500 full and part-time staff and operate through more than 2,000 branches.
Photographs of Brian Morrisare available from the BSA press office, from the Association’s website at www.bsa.org.uk or Headlinemoney www.headlinemoney.co.uk
