The Financial Services Authority (FSA) has confirmed the proposed transfer of the engagements of the Century Building Society to the Scottish Building Society.
The document sets out the reasons for the FSA's decision. One written representation was received by the FSA. Copies of the decision will be sent to each society and to the person who made a representation.
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; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.
- The FSA will be replaced by the Financial Conduct Authority and Prudential Regulation Authority in 2013 as required by the Financial Services Act 2012.