Gainsborough and Yorkshire Building Societies: merger confirmation hearing

The confirmation hearing will be held at the Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS on Friday 14 December 2001 starting at 11. a.m. It is hoped to complete the proceedings on the day, but they will continue on subsequent days if necessary.

The purpose of such hearings is to give interested parties an opportunity to make oral representations and to enable the Authority to make such inquiry as it considers necessary, both of the societies and of those making oral representations. The hearing will be conducted on behalf of the FSA by David Strachan, Director Deposit Takers Division.

Sixteen persons have made written representations to the FSA, including three notices of intention to make oral representations.

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.

No photography, video or audio recording will be permitted during the hearing.

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.

Notes for editors

1. Copies of the procedural Guidance Note referred to above may be obtained from Fergus Allan, Deposit Takers Division, 14th Floor, the Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS.

2. The FSA has certain responsibilities in respect of a transfer of engagements of one building society to another under sections 94 to 96 of the Building Societies Act 1986.

3. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; the protection of consumers; and fighting financial crime.

4. The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.