BSA welcomes parliamentary debate on levies for failed banks

Commenting ahead of the debate, Adrian Coles, Director-General of the Building Societies Association (BSA) said: "Building societies feel very strongly that they are footing a disproportionately high share of the bill for the failed banks. 

"Societies have higher levels of retail funding than banks and are not profit maximising, so the levies hit them harder than their plc counterparts. This debate, along with the Early Day Motion Ann has tabled, shows that many MPs feel the same."

Ann Cryer said: "It’s hugely unfair that building societies are paying for bank failures. As mutual, member-owned organisations, any additional costs, such as the FSCS levies, ultimately hurt societies’ members – their savers and borrowers.

"My Early Day Motion has gained huge support so far and I hope this debate persuades the Government that FSCS levies need to be modified to better reflect the relative risk profiles of building societies and banks."

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