BSA comments on the publication of the FCA’s report ‘Journey to the FCA’

Commenting on the publication of the FCA's report 'Journey to the FCA', Adrian Coles, Director-General of the BSA said:

"We welcome publication of the 'Journey to the FCA' document which outlines their proposed approach.  This is a helpful step as we get closer to their official launch next year.  We are particularly pleased to see that putting customers at the heart of the business is a key element of the FCA's approach. This underpins the way our members, as customer-owned organisations, do business.

"As with any change we do have some concerns, notable among them the apparent 'guilty until proven innocent' approach to future enforcement publicity.  Sadly, in the days of 24/7 media and twitter, recovering a reputation after such an announcement – if events prove this warranted – will be very difficult.  The innocent may well pay for the sins of the guilty."        

~Ends~

Contact
Hilary McVitty – hilary.mcvitty@bsa.org.uk / 020 7520 5926

Notes for Editors
1. The Building Societies Association (BSA) represents mutual lenders and deposit takers in the UK including all 47 UK building societies. Mutual lenders and deposit takers have total assets of over £375 billion and, together with their subsidiaries, hold residential mortgages of £245 billion, 20% of the total outstanding in the UK. They hold more than £250 billion of retail deposits, accounting for 22% of all such deposits in the UK. Mutual deposit takers account for 31% of cash ISA balances. They employ approximately 50,000 full and part-time staff and operate through approximately 2,000 branches.

2. Photographs of Adrian Coles are available from the BSA press office, or from the Association's website at www.bsa.org.uk or Headlinemoney www.headlinemoney.co.uk

3. Follow the BSA on Twitter @BSABuildingSocs

Katie Wise
Policy and External Affairs Officer
Building Societies Association
6th Floor, York House
23 Kingsway
London
WC2B 6UJ

Tel: 020 7520 5904
Email: katie.wise@bsa.org.uk
Web: www.bsa.org.uk
Twitter: @BSABuildingSocs