Portman and Nationwide Building Societies: merger confirmation hearing
23rd May 2007The Financial Services Authority (FSA) today announced the arrangements for the hearing of the proposed transfer of the engagements of Portman Building Society to Nationwide Building Society.
The confirmation hearing will be held at The Norfolk Royale Hotel, Richmond Hill, Bournemouth BH2 6EN on Thursday 7 June 2007 starting at 11.00 am.
The purpose of such hearings is to give interested parties an opportunity to make oral representations and to enable the Authority to make such inquiry as it considers necessary, both of the societies and of those making oral representations. The hearing will be conducted on behalf of the FSA by Eric Engstrom, a manager in Retail Firms' Division.
Twenty-two persons have made written representations to the FSA and three notices of intention to make oral representations have been received.
There is a presumption that the hearing will be open to the general public and to the media, but those making representations and the societies themselves will have the right to ask that all or part of it should not be public. Therefore the hearing will begin in private to give an opportunity for objections to be made to holding the proceedings in public. If the FSA does not uphold any such objection, the public and the media will be admitted before the main proceedings begin.
No photography, video or audio recording will be permitted during the hearing.
At the end of the hearing the FSA will reserve judgement. It will publish a written decision, including its findings on the points made in the written and oral representations, at a later date. A detailed procedural Guidance Note covering the conduct of the hearing has been sent to those who have made representations.
