MS TV: BSA in funding talks with local authorities

Adrian Coles, director-general of the Building Societies Association, has revealed he has approached several local authorities about the possibility of helping to plug the funding gap for mutuals.

Speaking to MS TV from the BSA annual conference in Manchester, Coles says that the recent succession of mergers in the building society sector has resulted in fewer mutuals but stronger societies too.

He says that investors should not see the building society sector as something to fear, which may have been the case in the past.

Coles also discusses the funding challenges faced by mutuals, and talks about the “haywire order” of the Financial Service Authority’s plan to extend the approved persons regime to mortgage brokers.