View more on these topics

Regulator urged to end speculation by revealing if society has problems

Dudley Building Society has urged the FSA to set the record straight about the financial strength of societies following speculation over the future of West Bromwich.

Last week, press reports suggested that the FSA was secretly talking to potential “white knights” in the building society sector that could be called on to take over West Bromwich. But West Brom denied any knowledge of such discussions and reassured members it is well capitalised and able to meet all financial obligations. The FSA would not comment .

But Dudley chief executive Geoff Caves, speaking at the BSA conference on Thursday, warned there needed to be clarity on any sector difficulties to end further public mistrust of building societ- ies in the wake of the Dunfermline problems.

He said: “It is all a matter of confidence and what does not help is this drift of uncertainty over building societies. There was press speculation about a building society recently, the FSA are not commenting on it, the chief executive is saying, we are fantastic, we are OK. That could undermine building societies if they are, in the end, merged into someone else.

“I would much prefer from the FSA that if the parrot is dead, then please tell us that the parrot is dead.”

Recommended

Rockingham sets up annuity clearing house

Rockingham Retirement is set to launch a whole of market annuity service in a bid to help people with small pension pots get a better deal.

KSF creditors reject Manx plan

Creditors of Kaupthing Singer & Friedlander Isle of Man have voted against a scheme of arrangement put forward by the IoM authorities. The KSFIOM Action Group says the scheme would have offered little more than liquidation.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com