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Societies want backing for FSCS levy reforms

Building societies are calling on members to help them petition for reforms to the Financial Services Compensation Scheme’s levy system, which they believe is unfairly weighted against them.

A public petition on No. 10 Downing Street’s website calls for the FSCS levy system to reflect the risk posed by institutions, as it currently penalises those with bigger retail deposits. The petition has closed with 2,583 signatures but mutuals are still calling for support from members.

Skipton’s Bury branch manager Terry Else, who started the petition, says: “We have been explaining to customers why savings rates are lower and why we have less money to spend on members. We encourage them to sign the petition and to contact their local MP.”

The Building Societies Association is encouraging members to petition the Government and urging them to ask MPs to sign an early-day motion on the subject, which has so far received 163 cross-party signatures.

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