Presbyterian Mutual Society

Part of Oral Answers to Questions — Northern Ireland – in the House of Commons at 11:30 am on 3rd June 2009.

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Photo of Shaun Woodward Shaun Woodward The Secretary of State for Northern Ireland 11:30 am, 3rd June 2009

Part of the answer to that is that the PMS is not a building society. Having said that, I believe that it is significant that when the Financial Services Authority looked into the matter, it noted that the PMS was conducting

"regulated activities without the necessary authorisation or exemption".

The FSA also states that

"we remain in touch with the administrator and, if further information comes to light relating to the issues we have investigated, we will look into it."

This is an important matter, and I say to the hon. Gentleman that we are keeping a close eye on it. We look forward to seeing the report from the FSA and from the administrator as soon as possible.

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