UK building societies fear new FSA guidance impedes competition

Building societies say they are concerned new requirements from the UK’s Financial Services Authority (FSA) for the sector will leave them at a competitive disadvantage with banks and other mortgage providers.
   
Adrian Coles, director-general of the UK’s Building Societies Association (BSA), says the guidance set out in the FSA’s Specialist sourcebook for building societies will make it more difficult for building societies to compete with banks.

“While good progress has been made on some of the