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Reporting on regulatory capital: choices for assurance

Industry response,
Contact:
andrea jeffries,
Last updated:
16 October 2015

Summary We have seen no demand from external users for building societies’ capital reporting to be subject to greater assurance.  Building societies are owned by their members so do not have external investor pressure in the same way banks do.  ICAEW itself reports that in ...

Restricting tax relief for banks’ compensation expenditure

Industry response,
Contact:
andrea jeffries,
Last updated:
29 May 2015

Introduction We welcome the opportunity to comment on the HMT consultation on restricting bank relief for banks’ compensation expenditure.   Much of the sector’s argument has already been provided by Nationwide, our largest member and one of the UK’s top three mortgage...

Scottish Land and Buildings Transactions Tax

Industry response,
Contact:
paul broadhead,
Last updated:
10 October 2014

Scotland legislates to replace Stamp Duty Land Tax from April 2015 The Scottish Parliament has legislated to replace Stamp Duty Land Tax with a Land and Buildings Transaction Tax (LBTT) from 1 April 2015. Rather than the slab structure of the Stamp Duty Land Tax, the...

The proposal for an EU-wide TIN

Industry response,
Contact:
andrea jeffries,
Last updated:
26 June 2014

The European Commission is considering the introduction of an EU-wide tax identification number and has commissioned a feasibility study. The aim of the study is to examine and address problems relating to the matching of information provided to tax authorities by taxpayer...

Written evidence to the PCBS panel on tax, audit and accounting

Industry response,
Contact:
andrea jeffries,
Last updated:
21 December 2012

We are pleased to respond to the panel on tax, audit and accounting set up by the Parliamentary Commission on Banking Standards. While we acknowledge many of the questions are focused solely on shareholder driven, plc banks, we also argue that the consequences of any r...

Our response to FRED 67

Industry response,
Contact:
andrea jeffries,
Last updated:
30 June 2017

We support any effort to improve, clarify and simplify accounting regulation.  Most of the proposed incremental amendments in this exposure draft do just that.  We also welcome the recent decision not to incorporate recent and forthcoming changes in international financial re...

Our response to HMRC's BBSI improvement proposals

Industry response,
Contact:
andrea jeffries,
Last updated:
30 January 2018

We understand HMRC’s wish to introduce a modern tax system based on digital technology.  Building societies need to know that the benefits to HMRC outweigh the considerable costs to themselves, and ultimately to their members.  For any change to be successfully introduced to ...

BSA responds to 2020 budget

Press release,
Contact:
amy mccluskey,
Last updated:
11 March 2020

Today Chancellor Rishi Sunak delivered his 2020 budget. The BSA comments: “The BSA welcomes the Government’s commitment to bring forward legislative changes to the Credit Unions Act, which we have been campaigning for on behalf of our credit union members for some time. Th...

IFRS 9: changes to reporting requirements

Industry response,
Contact:
andrea jeffries,
Last updated:
13 March 2017

We find no case for mandatory replacement of FSA 015 at this early stage.   Time is needed for IFRS 9 to bed in before any change is made to reporting.  What may look important now may not be once the full impact of the new standard has been felt. 2021 could be a more appropr...

Our response to consultation on the third PPF levy triennium – 2018/19 to 2020/21

Industry response,
Contact:
andrea jeffries,
Last updated:
26 May 2017

An industry scorecard for the regulated financial services sector is a good start, particularly the decision to drop the inequitable mortgage age variable.  We do, however, have some concerns about the industry scorecard’s applicability to a typical building society.  Click ...

Independent review of the Financial Reporting Council

Industry response,
Contact:
andrea jeffries,
Last updated:
10 June 2019

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 li...

Pillar 2A: Reconciling capital requirements and macroprudential buffers

Industry response,
Contact:
jeremy palmer,
Last updated:
30 April 2020

We challenged the unfair advantage conferred by the PRA's offsetting  proposals on banks, compared with both large societies that are leverage-constrained, and smaller societies with little or no variable Pillar 2A to offset. Read the full response  here.

Transposition of BRRD 2 in the UK

Industry response,
Contact:
jeremy palmer,
Last updated:
11 August 2020

BSA comments briefly on BRRD 2 transposition proposals, inter alia challenging the potential freezing of FSCS-covered deposits under the BRRD 2 moratorium power : we argued that post Brexit this was both unnecessary and undesirable in the UK. Read the full response here.

CRD V Implementation in the UK

Industry response,
Contact:
jeremy palmer,
Last updated:
19 August 2020

BSA very briefly responded to the Treasury's consultation on CRD V implementation, inter alia supporting the continued exemption of credit unions. Most of the CP's content did not concern BSA members.See the full response here.

Draft legislation for Finance Bill 2020-21: Financial Institution Notice (FIN) – amendment of schedu

Industry response,
Contact:
andrea jeffries,
Last updated:
16 September 2020

We joined with UKF and TISA to provide comments on this draft legislation.  Click here to read the short joint response.