George Osborne’s announcement this week that the
existing tripartite regime is to be abolished and control of
macro-prudential responsibility vested in the Bank of England has been
welcomed by the chief executive of Wimborne-based Teachers Building
Society.
James Bawa says, “While the FSA has responded well to
the unprecedented banking crisis and subsequent recession, I can see
the advantages of having macro-prudential responsibility and supervisory
control of individual firms in one place with the Bank of England. My
only concern is for the transition period, as the recovery currently
taking place needs continuing stability if it is to last.”
Teachers Building Society specialises in providing
mortgages for people working in the education sector while the savings
products are available to all. The Society was commended at the recent
Moneyfacts Awards in the ‘Best No Notice Account Provider’ category.