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The voice of building societies
As well as proactively campaigning, the BSA frequently comments on consultative papers issued by the Financial Conduct Authority and Prudential Regulation Authority, and by Government departments such as the Treasury or the Department for Business, Innovation and Skills.
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New funding proposals from the Financial Ombudsman Service run counter to the principle of 'polluter pays' with more cost falling on those firms with fewer complaints. The BSA has responded to the ombudsman's consultation.
We support HMRC's move to ensure that maturing CTFs do not lose their tax advantaged status post-maturity. BSA and its members contributed to the response facilitated by industry group, TISA.
BSA response to the FCA discussion paper on intergenerational differences between Baby Boomers, Gen X and millennials, and their differing financial outcomes.
BSA response to an MHCLG consultation proposing a new regulatory framework for building safety.
The BSA welcomes this consultation on current advice and selling standards. The aim of these proposals is to provide greater consumer choice and allow the development of further digital solutions.
The BSA has responded to FCA proposals to help Mortgage Prisoners by enabling lenders to utilise a modified affordability assessment.
In light of the series of recent accounting failures at large UK companies a review of the current regulatory arrangements is clearly overdue. We welcome this move. This is an opportunity to promote audit choice and to give parity of esteem to corporate forms other than listed plcs.
Appropriate and proportionate regulation is key to the long term future of the UK financial services sector. That the costs are paid for by the firms which benefit from this regulation is not disputed. Concerns arise where there are hints of a move away from the “polluter pays” principle.
We argue for a more appropriate fees policy for mutuals. Treating building societies the same as banks ignores the differences in risk and business models.