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Building Societies Act 1986 (Amendment) Act 2024

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Explanatory Notes

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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This Act is about putting building societies on a more level playing field with other retail deposit-takers (i.e. banks) in relation to their capital raising and corporate governance requirements, so that they can compete more effectively in the financial services sector and better support their members. This Act helps to deliver key asks from the building society sector. This Act thus amends the Building Societies Act 1986 ("the 1986 Act") and also provides HM Treasury with the powers to make specific secondary legislation.
To enable this, the Act makes provisions in three areas:
- Funds that can be disregarded by a building society for the purpose of calculating its wholesale funding limit;
- Real-time virtual member participation in building society meetings; and
- The execution of deeds and other documents.
The aim is to support building societies to grow, scale and compete with retail banks, creating competition in the UK financial services sector.