Britannia Building Society and Co-operative Financial Services Limited/Co-operative Bank plc: Confirmation Hearing Details
FSA/PN/075/2009
9 June 2009
The Financial Services Authority (FSA) today announced the arrangements for the hearing of the proposed transfer of the business of Britannia Building Society to Co-operative Bank plc.
The confirmation hearing will be held at the Financial Services Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS, on Friday 26 June 2009 starting at 12.00pm.
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 those making oral representations and of the applicants.
Twenty one persons have made written representations to the FSA and two notices of intention to make oral representations have been received. Only those persons who have given the FSA due notice of their intention to do so may make oral representations at the hearing.
There is a presumption that the hearing will be open to the general public and to the media, but the persons 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 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
- Copies of the procedural Guidance Note referred to above may be obtained from Matthew Tagg, Major Retail Groups Division, 12th Floor, the Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS (020 7066 8756).
- The FSA has certain responsibilities in respect of a transfer of business of one building society to a subsidiary of another mutual society under section 97 of the Building Societies Act 1986 as amended by the Mutual Societies (Transfers) Order 2009.
- 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.
- The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.