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PPI Claim News - 28/3/2010

Home loan claim: BSA fears FSA sourcebook to strain competition

The Financial Services Authority's (FSA) specialist sourcebook for building societies will leave them unable to compete with less regulated banks when it comes to home loans, it has been warned.

According to the Building Societies Association (BSA) good progress has been made by the FSA with regards to the sector, but it warns that it still has serious concerns.

The sourcebook was created with the intention of promoting a strong and vibrant sector for building societies to operate within.

However, the BSA believes that the sourcebook could leave building societies unable to compete because they will be imposed to "tougher and more prescriptive" regulation than banks or other lenders.

This is particularly true for mortgage lending, BSA director general Adrian Coles said.

He added: "We remain convinced that conclusions on the lending elements of the sourcebook are premature and do not take account of the detailed research and analysis that was undertaken for the Mortgage Market Review."

For free advice on how to make a PPI ClaimPayment Protection Insurance claim or a credit card charges claim then call Belmont Thornton on 0845 526 0000 or fill in the Quick Claim form to be sent a free PPI Claim pack or credit card charges claim pack.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-19692983-ADNFCR

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