Coles said: "Whilst we will be studying this long-awaited FSA consultation closely, it seems on first reading to fail to address our long-held concerns about the disproportionate burden that the current funding model puts onto building societies.
"We are disappointed by this omission though not surprised given the on-going uncertainty in Europe on the direction of the EU Deposit Guarantee Scheme Directive.
"To date we have broadly supported Europe's move towards a risk-based model, rather than one that is based purely on retail deposit balances. We will of course participate fully in the consultation process announced today."
