13 September 2011
Saffron Building Society comments on ICB report
Saffron Building Society - the regional building society serving East Anglia - welcomes the ICB report and highlights the report's support for the regional building society model.
Andy Golding, Chief Executive of Saffron Building Society said: "We welcome the ICB report published this week, particularly the proposed ring fencing for customer deposits, and see it as a positive step towards providing a more secure banking system for the future.
"The ICB acknowledges that the UK regional building society model has been operating in a low risk way that can be adopted by the rest of the banking sector. We would like to see the Government press forward with these reforms as soon as possible in order to protect consumer's deposits.
"The last few years have been extremely challenging for financial services, making it more important than ever for banks and building societies to be open and honest with their customers. As a regional mutual, we have been committed to helping local people manage their money for the past 160 years, and we will continue to put our customers' interests first and ensure we are offering a secure and trustworthy service."
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