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The BSA takes issue with the new funding proposals put forward by the Financial Ombudsman Service. The new funding model runs counter to the 'polluter pays' model and would see firms with fewer complaints paying more as those with the most complaints pay c£70m a year less.
Updated research from Savings Champion has shown that, on average, building societies continue to pay better rates to their customers than banks.
A report today from the Housing, Communities and Local Government Committee has adopted three BSA recommendations that will help increase the use of Modern Methods of Construction, contributing to housing supply.
BSA welcomes the Government's Green Finance Strategy.
The Building Societies Association has today responded to the FCA proposals to help Mortgage Prisoners by enabling lenders to utilise a modified affordability assessment.
The BSA Property Tracker survey has revealed that high house prices more of a concern than Brexit to those who don't think now is a good time to buy, housing market sentiment has remained negative for over two years, and, house price expectations rise
This report demonstrates why building societies put such an onus on their role in their communities; from providing valued services and skilled employment, to working with and supporting local institutions and infrastructure such as town centres, and looking after the world around us.
Mike Regnier, Chief Executive of the Yorkshire Building Society has been elected as the new Chair of the Building Societies Association.
Building society lending and savings figures for Q1 2019 show that building societies accounted for 57% of the growth in the mortgage market, and took 35% of cash savings deposits in the first quarter of the year.
From 1 January to 31 March 94 per cent of cash ISA transfers have been completed within seven working days, well above the minimum commitment of 85 per cent.
Christopher Lawrenson MBE, Head of Legal Services at the BSA comments:
“The key issues regarding conduct in financial services in the early 2000s were twofold: Firstly, certain firms demonstrated poor governance practices and culture. Secondly, there was inadequate regulatory oversight and enforcement - with a major factor being the lack of regulatory tools to apportion and enforce individual accountability.
Paul Broadhead, Head of Mortgages & Housing comments:
“It is positive to see FCA recognise that the mortgage market broadly works well although one sentiment that should be addressed is the perceived idea that the cheapest mortgage equals the best mortgage - this is always not the case.