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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.


What’s bruin?

Seventy-two weeks in and the equity bear market is officially the worst since the Great Depression. The pace of decline compared with the previous worst bear market, which took 264 weeks, shows the depth of the slump. This is, after all, a balance sheet recession, not your average inventory-led downturn.

78% Of IFAs want FSA scrapped

An online Money Marketing poll reveals 78 per cent of IFAs believe the FSA should be disbanded and replaced, with 22 per cent voting against a restructure.

Greece: the sideshow continues

Artemis managers James Foster, Mark Page and Laurent Millet comment on the Greek deal, describing it as “just another fudge” getting in the way of bigger developments in China, the UK and the US. To read the full article click here.


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