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The Building Societies (General Charge and Fees) Regulations 2001

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Explanatory Note

(This note is not part of the Regulations)

These Regulations supersede the Building Societies (General Charge and Fees) Regulations 2000, 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 2001 and ending on 31st March 2002 and is expected to raise £3.2 million in aggregate. Societies with assets of £50 million or less are required to pay a sum of £4,000 plus a sum equal to 0.0021 per cent of their assets. Societies with assets of more than £50 million are required to pay a sum of £5,500 plus a sum equal to 0.0021 per cent of their assets up to £30,000 million and 0.00105 per cent of their assets above that amount. In the case of a society formed by a recent amalgamation, a sum of £11,000 is payable plus a sum equal to the same percentage of the aggregated value of the uniting societies.

The same asset thresholds are used as in the Commission’s previous accounting year. The fixed sums payable have increased from £3,750, £5,000 and £10,000 respectively. The asset percentages have been increased from 0.00124 per cent for assets up to £30,000 million and 0.00062 per cent for assets above that amount.

The Regulations also provide for fees to be paid in respect of functions of the Building Societies Commission under the Building Societies Act 1986 and in respect of functions of the Central Office of the Registry of Friendly Societies under the 1986 Act. Some of the fees payable in respect of the Commission’s functions have been increased by an average of 5%. The fees payable in respect of the Central Office’s functions remain unchanged. The Regulations further provide for fees to be paid for copies of documents held by the Central Office. The fee for inspection of documents relating to a single society has increased by 25%. There has also been a change to the basis of charging for the provision of uncertified copies of documents. The changes to the fees are as follows:

Nature of applicationFee payableFee payable
2000–2001from 2001
££

1.  Authorisation of a building society

1,6251,700

2.  Mergers of building societies

(a)full fee

13,00013,750
(b) initial fee8,7509,250
(c) fee in respect of hearing4,2504,500

3.  Maintenance of a building society’s public file

195200
Schedule 2

1.  Inspection of documents relating to a single society

810

2.—(a) provision of a copy of a document which is not certified as a true copy

up to first 5 pages—up to first 10 pages—
36

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