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FSA blocks building society windfall gains

The Financial Services Authority is to continue forcing building societies to keep a hefty sum of cash aside against lending.


The FSA said reserves were currently “about right”, dashing building societies hopes that they would make windfall gains after changes to regulatory legislation.


Building societies have long been penalised by being forced to set aside more money than banks for certain kinds of lending, in addition to the tradition of a greater overall reserve stock compared to banks.


The FSA&#39s refusal to free societies&#39 reserves is aligned to strict guidelines set down by the regulator in preparation for their takeover next year.

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