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Definition of default: perspectives for building societies

Event,
Contact:
christie sharp,
Last updated:
19 October 2020

The deadline for implementing the Basel revised definition of default is fast approaching.  This will have an impact on both IRB and SA societies.  In this webinar, experts from BSA associate member Mazars discuss the key regulatory considerations and market insights (incl...

IR35 webinar

Event,
Contact:
christie sharp,
Last updated:
23 October 2020

This is the latest instalment in a series of webinars produced by PwC to discuss various issues facing the building society sector  As a result of the COVID-19 crisis, the off payroll working in the private sector regime ("IR35") was deferred a year to April 2021.  There is...

Guest blog: Building societies - the importance of hedge accounting

Contact:
hilary mcvitty,
Last updated:
13 June 2017

By: Joe Di Rollo, CEO and Founder, ALMIS International Interest rate swaps and other derivatives can no longer be treated as off-balance sheet, and now appear on financial statements at their fair value.  This value can change quite dramatically, even in relation to relati...

Our response to EBA discussion paper on draft standards on prudent valuation

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

Background The Building Societies Association represents mutual lenders and deposit takers in the UK including all 47 UK building societies. Mutual lenders and deposit takers have total assets of over £375 billion and, together with their subsidiaries, hold residential ...

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 "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 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...

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...

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...

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 ...

This webinar will be led by Mark Spencer from BDO, who will discuss the financial instrument accounting matters that building societies should consider in light of the emerging challenges associated with the COVID-19 outbreak. The event will focus on both expected and incur...