Companies  

Merger of Century and Scottish confirmed by FSA

The details of the merger, which was first proposed in November, included the transfer of the engagements of the smaller society, Century, to Scottish.

Last year, the FSA appointed Nicholas Lock, a manager in UK banks and mutuals department, to hear and decide the application on its behalf.

Today (8 January), the regulator agreed to the proposed transfer of the engagements of the Century Building Society to the Scottish Building Society.

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According to the City watchdog, the FSA has certain responsibilities in respect of a transfer of engagements of one building society to another under sections 94 to 96 of the Building Societies Act 1986.

In its decision notice, the FSA said: “The Authority has considered the applications by Century Building Society and Scottish Building Society for confirmation of the transfer of engagements of Century Building Society to Scottish Building Society and, having had regard to the information available to it, confirmed the transfer of engagements.”

Century was founded in 1899 under the name The New Edinburgh Investment Building Society. The Scottish Building Society started life in March 1848 as the Edinburgh Property Investment Company, changing its name to Scottish Building Society in 1929