Commentary

5 Powers inherited from the Building Societies Commission

BUILDING SOCIETIES vol 6(1)
| Commentary

5 Powers inherited from the Building Societies Commission

| Commentary

5 Powers inherited from the Building Societies Commission

In addition to its general regulatory powers under the Financial Services and Markets Act 20001, the Financial Services Authority (FSA) inherits a variety of sanctions formerly granted to the Building Societies Commission under the Building Societies Act 1986 for controlling imprudent, inappropriate or illegal activities on the part of a building society. Among the main examples of such powers are: where a building society fails to comply with the relevant statutory requirements regarding principal purpose and principal office2, the funding limit3or the lending limit4, to require a society to submit to a

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