View more on these topics

BSA welcomes exemption from ring-fencing rule on investments

The Building Societies Association has welcomed the government’s decision to exempt societies from having to ring-fence their retail activities from their riskier investments.

Last week, the government published its White Paper on the Bank Reform Bill, which confirmed it intends to push ahead with requiring banks to ring-fence their activities and make them hold 10% equity to risk weighted assets – higher than the 7% required in the global agreement Basel III.

Systemically important banks will have to hold an extra 2.5%, in line with Basel.

But the report says: “Following further analysis, the government believes that imposing ring-fencing requirements on building societies would be unnecessarily burdensome as it would mean that building societies would have to comply with two different sets of legislative requirements operating in substantially the same area.

“Therefore, the government has decided to carve the entire building societies sector out of the ring-fencing legislation.”

A spokeswoman for the BSA says: “Our initial reaction is to welcome the implicit vote of confidence in the building society model.”


OneSavings acquires Interbay

InterBay Commercial has exchanged contracts with OneSavings Bank, which has conditionally agreed to acquire all the issued share capital of the specialist lender. In May, the bank, which is part-owned by JC Flowers, revealed that it was in talks to buy the lender. As part of the deal, the lender will continue to trade as […]

60 seconds with – Miguel Sard, managing director, Cater Allen & Abbey for Intermediaries

You are now managing director of both Abbey for Intermediaries and private bank Cater Allen. What plans does Cater Allen have to work with brokers? It is a specialised bank dedicated to working with intermediaries, with a long financial history dating back to 1816. As an intermediary brand in the cash management market, it offers […]

Last week’s winner

“Sorry the others couldn’t be here, but somebody has got to clean up after the Jubilee celebrations.”


Improving health and wellbeing through pensions auto-enrolment

As the auto-enrolment revolution is rolled out to companies with between 50 and 249 people, employers will be grappling with the new rules and requirements. Even though introducing the new regime can be time consuming, many employers are regarding it as an opportunity to review their benefits packages, with employee health and wellbeing regarded as a popular addition.


News and expert analysis straight to your inbox

Sign up