Consultation outcome

Consultation: Amendments to the Building Societies Act 1986

From:
HM Treasury
Published
6 December 2021
Last updated
9 December 2022 — See all updates
This consultation has concluded

Download the full outcome

Consultation: Amendments to the Building Societies Act 1986 Call for Evidence - Response

Ref: ISBN 978-1-915596-19-2

PDF, 252 KB, 16 pages

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Detail of outcome

  • The government received five responses to the Consultation: Amendments to the Building Societies Act 1986. Most building societies responded through the Building Societies Association, the main trade body for building societies in the UK.
  • All consultation responses were supportive of the proposals around amendments to building societies’ funding model and corporate governance requirements.
  • Some respondents raised the interaction between building societies and intermediated savings platform in response to requests for views on future trends which may impact building societies’ funding models.
  • This document outlines the government’s response and next steps with regard to these areas.

Original consultation

Summary

This consultation seeks views on the Government’s proposed amendments to the Building Societies Act 1986.

This consultation ran from
to

Consultation description

Building societies are mutually-owned providers of mortgages and savings products. The primary piece of legislation for building societies is the Building Societies Act 1986, which sets out their distinctive model and other legal requirements.

This consultation requests views on proposals to update the Building Societies Act 1986 with regard to building societies’ funding model and corporate governance requirements. It also requests views on future trends which may impact building societies’ funding models.

The Government welcomes views from all those interested in this consultation, which may include:

  • Building Societies

  • Industry bodies/ Trade associations with an interest in building societies

  • Policy makers and regulatory bodies

  • Industry experts

This consultation will run for 12 weeks and close at 11:45pm on 28 February 2022.

Documents

Amendments to the Building Societies Act 1986: Consultation

Ref: ISBN 978-1-911686-51-4, 3179

PDF, 277 KB, 18 pages

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Published 6 December 2021
Last updated 9 December 2022 + show all updates

  1. Consultation Outcome added.

  2. First published.

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