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FSA denies pushing Nationwide to bail out struggling societies

It seems as though in many ways the Financial Service Authority (FSA) cannot win with criticism of its role in the bail out of the Derbyshire and Cheshire building societies starting to grow. Critics claim that the FSA was active in putting together the deal with some suggesting that pressure was placed upon the Nationwide (the largest building society in the sector) to structure some form of bail out.

While the FSA openly confirms that it has been fully aware of events in the run up to the bail out earlier this week it claims to have taken no greater part in proceedings than in the past. Let us not forget that the FSA is there to ensure that the financial services industry is safe, strong and secure and while events such as the Northern Rock affair cast it in a very bad light, the Derbyshire and Cheshire building society bail outs seem to have gone without a hitch.

It looks as though all parties have learnt from the Northern Rock affair and this is something which must be applauded not criticised. We have not had weeks of speculation, no tax payer bail out, just the smooth transfer of two mutual societies to a stronger parent group. What is wrong with that?

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