Monday, 9 March 2009

Mutuals paying for bank failures

I mentioned before the iniquitous situation where, under the Financial Services Compensation Scheme (FSCS), the building society movement can (in the words of Paul Ellis, Chief Executive of the Ecology Building Society) "see a transfer of its capital to banks that have behaved recklessly".

A petition has now been launched on the 10 Downing Street website calling for a review of how the FSCS is funded. Please think about adding your name to the petition, which has a closing date of 15th March (next Sunday).

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