The FSA has confirmed the proposed transfer of the engagements of the Chesham Building Society to the Skipton Building Society.

If the merger is approved by Chesham members it is likely to become effective on 1 June.

It will result in a mutual with over £15 billion of assets and 92 branches.

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.