An oral hearing will be held on the proposed merger of Lambeth Building Society and Portman Building Society.
The Financial Services Authority (FSA) has announced the merger confirmation hearing will be held on 24 July at 2pm at the FSA’s offices in Canary Wharf.
Eight people have made written representations to the FSA and it has received three notices of intention to make oral representations.
The purpose of the hearing is to give interested parties an opportunity to make oral representations and to enable the FSA to make an inquiry if necessary.
There is a presumption the hearing will be open to the general public, but those making representations and the societies will have the right to ask for all or part of the hearing not to be public.
The hearing will therefore begin in private to give an opportunity for objections to be made to holding the proceedings in public.
At the end of the hearing the FSA will reserve judgment and it will publish a written decision at a later date.
The hearing will be conducted on behalf of the regulator by Eric Engstrom, a manager in the retail firms’ division of the FSA.
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