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FSA/PN/116/2008
08 October 2008

The Financial Services Authority (FSA) today announced the arrangements for the hearing of the proposed transfer of the engagements of Derbyshire Building Society to Nationwide Building Society. 

The confirmation hearing will be held at The Britannia Hotel, 163 Marsh Wall, London, E14 9SJ on Wednesday 22 October 2008 starting at 11.00 am. 

The purpose of such hearings is to give interested parties an opportunity to make oral representations and to enable the FSA to make such inquiry as it considers necessary, both of the societies and of those making oral representations. 

107 persons have made written representations to the FSA and three notices of intention to make oral representations have been received.

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 Andrew Tod, Retail Firms' Division, 11th Floor, the Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS (020 7066 5820).
2. The FSA has certain responsibilities in respect of a transfer of engagements of one building society to another under sections 42B and 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; securing the appropriate degree of protection for consumers; and fighting financial crime.
4. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.