Regulation of building societies and mutual societies

This Overview provides a guide to the Lexis+® UK Financial Services content within the regulation of building societies and mutual societies subtopic with links to the appropriate materials.

Building societies

Building societies are mutual institutions that offer savings accounts and mortgages as their main business. The legal framework that underpins building societies is the Building Societies Act 1986 (BSA 1986). A building society can carry out a wide range of other financial services such as other forms of lending and investment, money transmission services, banking and insurance services, provided that its purpose or principal purpose is making loans that are secured on residential property and are funded substantially by their members (BSA 1986, s 5).

The Building Societies Act 1986 (Amendment) Act 2024, which received Royal Assent on 24 May 2024, amended BSA 1986 in three areas:

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funds that can be disregarded by a building society for the purpose of calculating its wholesale funding limit

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