Financial Services Authority confirm Lambeth Building Society merger with the Portman Building Society
FSA/PN/085/2006
31 August 2006
The Financial Services Authority today announced that it has confirmed the proposed transfer of the engagements of the Lambeth Building Society to the Portman Building Society.
Copies of the FSA’s written decision are available on the FSA website.
The document sets out the reasons for the FSA's decision. Eight written representations were received by the FSA and two persons made oral representations at a Hearing held at the FSA on 24 July 2006 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.