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FSA gives go-ahead to Cheshire and Nationwide merger

The Financial Services Authority has confirmed the proposed merger of the Cheshire to the Nationwide will go ahead.

The FSA says one of the points raised at a hearing held in Macclesfield on November 20 2008 was in respect of the Financial Services Compensation Scheme.

Some members had placed deposits up to the maximum amount (£50,0001) on which compensation is payable by the FSCS with both the Cheshire and the Nationwide.

While the amount held with each society did not exceed the limit on compensation payable under the FSCS, the combined total that would be held with Nationwide after the effective date of the merger would exceed that limit.

However the FSA recently announced that it would allow merged societies to be covered by deposit protection compensation as separate entities.

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