Our Building Society expertise

Bringing together the expertise of our FS focussed senior colleagues, our team has unrivalled experience in working with regulated firms. Our dedicated FS team is headed by Managing Director Dina Devalia, an FS sector specialist who works exclusively with regulated businesses. Dina is both a licensed and qualified restructuring professional, as well as a leading regulatory specialist, having spent ten years of her career at the Financial Services Authority (predecessor to the FCA). Since 2012, Dina has specialised in advising deposit taking institutions, including building societies, when facing challenging trading conditions, insolvency and regulatory issues.

We have worked with the Building Societies Association to provide input on the practical implications of Solvent Wind-Down plans and possible solutions to some of the barriers to a solvent exit for their member firms. Our dedicated FS assignment team is able to draw on resources across the firm and the services of specialist consultants, selected from previous assignments, to assist with an orderly wind-down of regulated firms. 

Solvent Wind-Down for non-systemic banks, building societies and large credit unions

Solvent Wind-Down (SWD) is a way for firms to exit the market in an orderly way, by winding down their business in its entirety to the point that it can be liquidated safely, repaying all depositors and creditors in full. The SWD now applies to non-systemic banks, building societies and larger credit unions.

For a new or growing bank experiencing a stress, entering SWD may effectively be the final going concern option prior to the consideration of formal insolvency procedures.

In all cases, we work closely with the regulatory stakeholders - the Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and Financial Services Compensation Scheme (FSCS) to secure an orderly wind-down of the regulated entity. 

Senior specialists to support you

Our multi-disciplinary team of senior specialists blends a strong background in financial advisory, restructuring, special situations and regulatory expertise to deliver actionable results. We complement this with unrivalled experience in working with the key regulatory stakeholders in respect of regulated businesses.

Here to help

If you would like to know more about how we can help you, please get in touch.
 

Dina Devalia
Managing Director
T: +44 (0)20 3872 8342
M: +44 (0)7557 419 361
E: dina.devalia@quantuma.com

 

 

Brian Burke
Managing Director
T: +44 (0)20 3856 6720
M: +44 (0)7464 545 265
E: brian.burke@quantuma.com

Article

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05 March 2024
FCA reminds Financial Services firms of the importance of preparing a wind-down plan
Author: Paula Fagan, Marketing Manager

As part of its latest key updates, the Financial Conduct Authority (FCA) has published guidance for Financial Services (FS) firms on preparing a wind-down plan. The purpose of a wind-down plan is to enable a FS firm to cease its regulated activities and exit the market in an orderly manner, if its business is no longer viable. The FCA states that it: ‘expects firms to consider the scenarios leading to financial stress, explore recovery options and, as a last resort, wind-down their business’.

Article

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12 February 2024
Dangers of complacency: Are your Client Asset Sourcebook (CASS) controls really as watertight as they should be?
How financial services firms can gain confidence in CASS compliance.

If your business goes down, failure to segregate clients’ assets could leave clients/consumers seriously out of pocket. But poor systems, oversight and control, combined with a lack of proper documentation, mean that many financial services (FS) firms are falling short of their CASS obligations and leaving their senior management team at risk of severe regulatory sanctions.

Dina Devalia looks at why CASS should be front and centre of the boardroom agenda and how to gain real confidence that your client money safeguards are fit for purpose.

Article

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06 December 2023
Prepared for the worst: How to turn wind-down planning into a source of strength
Savvy planning tips for financial services firms.

The Financial Conduct Authority (FCA) is turning up the spotlight on what it sees as “widespread weakness in wind-down planning”. If your wind down planning (WDP) fails to meet the FCA’s expectations, your firm could face an increase in regulatory scrutiny on capital and operational controls. But as Dina Devalia explains, effective wind-down planning isn’t just a compliance exercise. It’s also a good way to test the viability of your operations. So how can you get your wind-down planning up to the mark?