Nationwide called the amount it will have to pay under the government’s Financial Services Compensation Scheme 'daylight robbery of our members'.

The mutual said that next week its full-year results would include a charge and provisions of more than £250m for the government safety net, which pays out to consumers when banks fail.

The industry is being levied to pay for bank failures such as Bradford & Bingley and the Icelandic banks.

But building societies have complained they are shouldering a disproportionate amount of the cost because it is based on the amount of retail deposits held.

Financial Times

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