The Building Societies (General Charge and Fees) Regulations 1993

Explanatory Note

(This note is not part of the Regulations)

These Regulations supersede the Building Societies (General Charge and Fees) Regulations 1992 (“the 1992 Regulations”), which are revoked. They provide for a general charge to be paid by authorised building societies towards the expenses of the Building Societies Commission. The charge is levied with respect to the Commission’s accounting year beginning on 1st April 1993 and ending on 31st March 1994 and is expected to raise £3.7 million. Each society is required to pay a sum of £2,000 plus a sum equal to 0.00146% of its assets, up to £26,000 million, and 0.00073% of its assets above that amount, or in the case of a society by a recent amalgamation, a sum of £4,000 plus a sum equal to the same percentage of the aggregated value of the uniting societies.

The Regulations also provide for fees to be paid by societies in respect of particular functions of the Building Societies Commission in relation to mergers of societies and transfers of business to commercial companies and of the Central Office of the Registry of Friendly Societies under the Building Societies Act 1986, and fees to be paid by persons wishing to inspect or receive copies of documents in the custody of the Central Office.

These fees are approximately 4% higher than those payable under the 1992 Regulations.