Financial Services Authority confirms Gainsborough Building Society merger with Yorkshire Building Society

Copies of the FSAs written decision are available from the Financial Services Authority (see Notes to Editors). It contains a full discussion of the issues raised during the confirmation proceedings and the reasons for the FSAs decision.

Copies of the decision will be sent to the Society and to all those who made representations to the FSA either in writing or orally at the public hearing on 14 December 2001.

The FSA received representations from 18 people of whom two made oral representations at the hearing. Further background about the confirmation proceedings is in FSA Press Notice 166/2001 of 11 December 2001.

Notes for editors

1. Copies of the written decision may be obtained from Fergus Allan, Deposit Takers Division, 14th Floor, 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.