Financial Services Authority confirms Staffordshire Building Society merger with the Portman Building Society
27/11/2003
The Financial Services Authority today announced that it has confirmed the proposed transfer of the engagements of the Staffordshire Building Society to the Portman Building Society.
Copies of the FSAs written decision are available here.
The document sets out the reasons for the FSA's decision. Seven written representations were received by the FSA. Copies of the decision will be sent to each society and to those who made representations.
Notes for editors
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.
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; securing the appropriate degree of protection of consumers; and fighting financial crime.
The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.