|
News in digestible form
Welcome to the April edition of our e-newsletter, BSA Newsbite. A monthly online update, Newsbite gives you the latest news, views and stats from the building society sector.
This update will soon be complemented by the Summer edition of Society Matters, due to be published in June which will focus on lost accounts. To order a copy click here
|
BSA responds to financial stability and depositor protection consultation
In its response to the tripartite authorities’ consultation on financial stability and depositor protection, the BSA cautions against hurried changes, especially those of an extensive nature or dealing with complicated matters.
The consultation raises such a large number of complicated questions, and touches upon so many potential courses of action that could have unforeseen consequences, that the BSA regards it as extremely important that further, detailed work is undertaken - where appropriate - before proceeding to legislation.
Compensation limit
The Association is open-minded on the question of an increased limit in relation to deposit-takers. The key point is that very careful consideration be given on issues - such as the impact of recent changes to the funding of the FSCS, consumer benefit of higher levels of compensation and potential moral hazard - before making a decision on this matter.
Pre-funding
We strongly oppose any pre-funding of the compensation scheme - which we believe would be counter-productive
Faster compensation payments
The BSA is fully supportive of all proportionate endeavours to reduce the current period for payments from the FSCS in the consumer interest and we are very keen to participate in ongoing discussions.
Read the article
|
Civil Justice Council Mortgage Arrears Protocol
The BSA has responded to a Civil Justice Council consultation on a protocol for handling mortgage arrears.
Should the protocol enter into force, lenders would be expected to follow its requirements. When a possessions case came before a court the court would be required to take into account whether the protocol has been followed when reaching decisions.
The protocol largely reflects MCOB requirements and so most of the requirements it would impose on lenders are already in place. However, the BSA has expressed concern over lenders being unable to commence proceedings against a borrower who has a "reasonable" chance of help via the income support system. With borrowers having to wait at least nine months before they can make a claim, this could lead to excessive delays before action can be taken against a lender.
The BSA's response can be found here
|
BSA Annual Report 2007
The BSA Annual Report 2007 provides a reflection on the environment that building societies are currently operating in and goes onto cover policy issues, external relations and other issues. A directory provides details of the Council, Secretariat, members and associates of the Association.
More information can be found here
|
BSA welcomes two new Associates
Metlife and London & European Title Insurance Services Ltd have joined the Association as Associates.
Metlife are a major force in financial services: Investments, Financial Advice, Banking and Insurance. They provide a wide array of innovative products and services with a reputation for security and stability.
To find out more about them, check out their website www.metlife.com
London & European Title Insurance Services Ltd provide products and services that help to accelerate the complex processes of property transactions. They have recently developed web-based initiatives that help conveyancing solicitors and lenders save time in their processes.
To find out more about them, check out their website www.europeantitle.com
|
BSA Annual Conference - 7 & 8 May 2008, Manchester Central
For your final chance to join over 600 delegates at the BSA Annual Conference, click here
|
And finally ...
If Newsbite has been forwarded to you by a colleague and you would like to get your own copy direct, or if you would like to unsubscribe just e-mail the Media Centre.
For feedback, opinions and information, contact Newsbite’s editor Rachel Le Brocq.
|
BSA IN PRINT, MEDIA RELEASE, 29 APRIL 2008
"Against the current uncertain economic climate, building societies are seen as tried and tested, traditional and trusted. Together with the competitive rates of interest they offer, these attributes mean societies continue to attract record levels of savings"
|
|
