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News in digestible form
Welcome to the November edition of our e-newsletter, BSA Newsbite. A monthly online update, Newsbite will give you the latest news, views and stats from the building society sector.
This update will soon be complemented by the Winter edition of Society Matters, due to be published in December which focuses on the people behind the mutuals. To order a copy click here.
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"An amazing sector"
These were the words of, the Economic Secretary to the Treasury, Kitty Ussher MP, speaking about building societies at the BSA Annual Lunch on 7 November.
Addressing the lunch, she noted how the mutual sector stood out in terms of scale, but also in its unique strengths, saying “because they're owned by members, rather than shareholders, the benefits of efficiency and innovation can be passed straight on - and mutuals’ financial products are consistently in the 'best buy' sections of the financial press… so this really is an amazing sector: unique strengths, a unique role, and a unique history - and very much a relevant and vibrant sector today.”
The full speech by the Economic Secretary can be viewed here
The speech by the Chairman of the BSA, Iain Cornish, given at the Annual Lunch can be viewed here
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Bill on Unclaimed Assets Published
Legislation to underpin the voluntary unclaimed assets scheme was introduced to the House of Lords on 7 November. The Dormant Bank and Building Society Accounts Bill sets the framework for a scheme under which money in dormant accounts - those which have had no customer-initiated activity for 15 years - can be made available to be distributed to charities, whilst ensuring account holders can reclaim their money at any time.
The Bill confirms that the Big Lottery Fund will be responsible for distributing the unclaimed assets of banks and building societies. But most building societies will be able to use their members’ unclaimed assets to support good causes in their local communities, instead of the money being distributed by the Big Lottery Fund. The BSA welcomes this move which allows building societies to give back to the areas from where they draw their members.
Read the full article
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New Banking Code will ensure fair deal for consumers
The sponsors of the Banking Codes (the British Bankers’ Association, the Building Societies Association and APACS - the UK payments association) have announced the changes that will be made to the personal and business Banking Codes from March 2008 following a public consultation and review by independent reviewer Mike Young.
For more information click here
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Building societies top mortgage tables
70% of the top 250 mortgages available today are offered by building societies, research from Moneyfacts reveals. The very largest lender in the market – which ten years ago changed its status from that of building society to bank – does not have a single product in the top 250.
The survey covers the whole mortgage market, including fixed, discounted and variable rates over various time periods has shown that those looking for a mortgage today may well be better off going to a building society than to one of the larger banks or mortgage lenders.
Read the full article
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Changes to cheque clearing times
From the 30 November 2007, changes to cheque clearing times known as 2-4-6 (for current accounts) and 2-6-6 (for savings accounts) will come into force. These will increase clarity and certainty when paying in cheques to a building society or bank account.
For the first time, after paying in a cheque, consumers can be sure that at the end of six working days, the money is theirs. They are protected from any loss if the cheque subsequently bounces, unless they are a knowing party to a fraud.
Read the full article.
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Building societies dominate Mortgage Finance Gazette Awards
This year’s Mortgage Finance Gazette Awards saw building societies sweep the board. The awards, which recognise achievements rather than products or best lender, saw societies taking nine of the eleven top awards on the night and many of the runner-up spots as well. Well done to everyone involved!
Honours awarded on the night included Community Services Award, Innovator Award and the Lifetime Achievement Award
Read the full article
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And finally ...
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For feedback, opinions and information, contact Newsbite’s editor Rachel Le Brocq.
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BSA IN PRINT, MEDIA RELEASE, 20 NOVEMBER 2007
Building Societies' Savings Break Record again
“It seems that the majority of these deposits are funds withdrawn from the Northern Rock bank, with the attractive savings products offered by building societies continuing to appeal to customers looking for the best home for their money.”
“At £3,024m October net receipts for building societies were the highest monthly figures ever, beating the record of £2,821m set last month, and almost four times the £772m deposited in October 2006.”
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