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Stability is Key as FSA Winds Down

Jun 14, 2010

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.