BSA comments on Turner review
Commenting on the publication today of the Turner Review and discussion paper, Brian Morris, Head of Savings Policy, at the Building Societies Association, said:
“We welcome the readiness of the FSA to question past policies and actions. It is appropriate that the FSA should be focussing on liquidity and capital requirements and we urge the FSA to concentrate its efforts on those areas of greatest systemic risk.
“We agree with Lord Turner that there were insufficient challenges to the assumptions of rational and self-correcting markets.
“On product regulation, it’s good to see that the FSA has identified the drawbacks of regulating mortgage products; restrictions through regulation could further stifle mortgage lending.
“The BSA looks forward to engaging constructively with the FSA and participating in the further debate about the implementation of Turner’s proposals.”
~ Ends ~
Notes to Editor:
1. The Building Societies Association (BSA) represents all 55 building societies in the United Kingdom. Building societies have total assets of
£395 billion and, together with their subsidiaries, hold residential mortgages of £250 billion, more than 20% of the total outstanding in the UK. Societies hold over £235 billion of retail deposits, accounting for more than 20% of all such deposits in the UK. Building societies also account for about 37% of all cash ISA balances. Building societies employ over 51,500 full and part-time staff and operate through more than 2,000 branches.
2. Photographs of Brian Morris are available from the BSA press office, from the Association’s website at www.bsa.org.uk or Headlinemoney www.headlinemoney.co.uk
-01.png){kind=spacer}