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Our response to guidance consultation on pension obligation risk and the ICAAP

Industry response,
Contact:
andrea jeffries,
Last updated:
21 March 2011

Summary The FSA wants to give further information on how it expects firms to evaluate their pension obligation risk and how it assesses this in firms’ ICAAP submissions. This information is additional to the guidance on Pillar 2 pension obligation risk calculations it rece...

Our response to guidance consultation on updated code of practice between the external auditor and t

Industry response,
Contact:
andrea jeffries,
Last updated:
16 April 2013

Introduction The Building Societies Association represents mutual lenders and deposit takers in the UK including all 46 UK building societies.  Mutual lenders and deposit takers have total assets of over £375 billion and, together with their subsidiaries, hold residenti...

Our response to HMRC consultation on implementation of UK/ US FATCA agreement

Industry response,
Contact:
andrea jeffries,
Last updated:
09 January 2013

We should like to take this opportunity to thank HMRC for its help in ensuring that the administrative burden for domestic mutual deposit takers is kept as low as possible. We welcome the way in which officials have been willing to engage with the sector, listen to our con...

Our response to HMRC consultation on implementing the United Kingdom’s agreements with the crown dep

Industry response,
Contact:
andrea jeffries,
Last updated:
22 August 2013

Introduction The Building Societies Association represents mutual lenders and deposit takers in the UK including all 45 UK building societies.  Mutual lenders and deposit takers have total assets of over £375 billion and, together with their subsidiaries, hold residenti...

Our response to HMRC's consultation on making tax digital

Industry response,
Contact:
andrea jeffries,
Last updated:
28 October 2016

We question why such a monumental change is required at all for building societies when HMT/ HMRC designed the personal savings allowance to take out 95% of taxpayers of savings tax irrespective of future interest rate changes.  It seems unfair, illogical and wholly disproport...

Our response to "Regulatory fees and levies: rates proposals 2011/12", FSA CP 11/2 (chapter 10 only)

Industry response,
Contact:
andrea jeffries,
Last updated:
16 February 2011

Introduction The Building Societies Association represents mutual lenders and deposit takers in the UK including all 48 UK building societies. Mutual lenders and deposit takers have total assets of over £365 billion and, together with their subsidiaries, hold residential...

Our response to the Accounting Standards' Board's revised exposure drafts on the future of UK GAAP

Industry response,
Contact:
andrea jeffries,
Last updated:
24 May 2012

Overall, we believe the revised exposure drafts go some way to building an acceptable replacement for UK GAAP. The removal of the three-tier framework and with it, the use of public accountability to determine the application of EU-adopted IFRS, are especially welcome. B...

Our response to the FRC consultation on the triennial review of UK and Ireland accounting standards

Industry response,
Contact:
andrea jeffries,
Last updated:
22 December 2016

We welcome the proportionate and pragmatic approach proposed by the FRC towards incorporating international financial reporting standards into FRS 102.   In particular, we support the decision to delay implementation of more significant changes to the standard to allow UK GAAP...

Our response to the FRC's invitation to comment on the future development of FRS 102

Industry response,
Contact:
andrea jeffries,
Last updated:
28 October 2016

Building societies are grateful to the Financial Reporting Council for allowing them to stay with an accounting framework that is based on a single simplified standard.  They acknowledge that this new accounting framework is helping to bring consistency in accounting treatment...

Our response to the HMRC consultation on implementing the common reporting standards

Industry response,
Contact:
andrea jeffries,
Last updated:
21 October 2014

Executive summary We support all efforts to counter global tax evasion and are pleased to see the issue high on the UK government agenda.  We believe that citizens, wherever they live, should pay their fair share of tax.  The same applies to entities.  But we are concer...

Our response to the HMRC consultation on the deduction of income tax from savings income

Industry response,
Contact:
andrea jeffries,
Last updated:
18 September 2015

Executive summary We strongly believe that all non-TDSI interest – to individuals and to non-individuals - should be paid gross, without deduction of income tax at source.  It is the most straightforward and least costly solution for savers and financial institutions. ...

Our response to the latest draft regulations and guidance on FATCA implementation

Industry response,
Contact:
andrea jeffries,
Last updated:
18 June 2013

Introduction The Building Societies Association represents mutual lenders and deposit takers in the UK including all 46 UK building societies. Mutual lenders and deposit takers have total assets of over £375 billion and, together with their subsidiaries, hold residentia...

Our response to the supplementary FRC consultation paper: Guidance for Directors of Banks on Solvenc

Industry response,
Contact:
andrea jeffries,
Last updated:
21 January 2014

Introduction The Building Societies Association represents mutual lenders and deposit takers in the UK including all 45 UK building societies. Mutual lenders and deposit takers have total assets of over £330 billion and, together with their subsidiaries, hold residentia...

Our response to US Treasury and IRS on FATCA regulations

Industry response,
Contact:
andrea jeffries,
Last updated:
01 May 2012

Summary We continue to argue that BSA members such as building societies are very low risk – they are akin to savings and loans institutions - and should therefore be excluded from FATCA provisions. They have a very low number of possible US taxpayers, estimated at 3,0...

Proposed amendment to the regulatory valuation of available-for-sale debt securities, chapter 3 of t

Industry response,
Contact:
andrea jeffries,
Last updated:
02 November 2012

Introduction The Building Societies Association represents all 53 building societies in the United Kingdom. Building societies have total assets of £385 billion and, together with their subsidiaries, hold residential mortgages of almost £250 billion, more than 20% of th...