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Portman and Nationwide confirmation hearing to take place June 7

The confirmation hearing for the proposed merger of Portman Building Society with Nationwide Building Society will take place on June 7, the FSA says.

It will be held at the Norfolk Royale Hotel in Bournemouth on June 7 starting at 11.00 am.

The purpose of such hearings is to give interested parties an opportunity to make oral representations and to enable the FSA to make such inquiry as it considers necessary, both of the societies and of those making oral representations. The hearing will be conducted by FSA Retail Firms Division manager Eric Engstrom.

Twenty-two people have made written representations to the FSA and three notices of intention to make oral representations have been received.

There is a presumption that the hearing will be open to the general public and to the media, but those making representations and the societies themselves will have the right to ask that all or part of it should not be public. Therefore the hearing will begin in private to give an opportunity for objections to be made to holding the proceedings in public. If the FSA does not uphold any such objection, the public and the media will be admitted before the main proceedings begin.

At the end of the hearing the FSA will reserve judgement. It will publish a written decision, including its findings on the points made in the written and oral representations, at a later date. A detailed procedural guidance note covering the conduct of the hearing has been sent to those who have made representations.


Parliamentary Ombudsman’s Equitable report delayed again

The Parliamentary Ombudsman has announced a further delay to its investigation into the prudential regulation of Equitable Life.In a letter sent to MPs, PO Ann Abraham says due to the fact that the Government Actuary’s Department, the Treasury and FSA have sent her a joint 500 page response to her draft report, her final report […]

Opposition parties say Hip ‘incompetence’ will cause more confusion

The Government’s last minute Hip U-turn will just create more confusion say Opposition Parties, with the Tories calling for a radical rethink of the policy.Tory shadow housing minister Michael Gove says the Government must now go back to the drawing board over Hips after yesterday’s U-turn in Parliament.Speaking after yesterday’s announcement, Gove suggested the timing […]


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