Nature of a Building society

The principal measure governing the activities of building societies is the Building Societies Act 1986 (BSA 1986), as amended by the Building Societies Act 1997 (BSA 1997) and the Building Societies Act 1986 (Amendment) Act 2024 (BSA(A)A 2024).

A building society is a financial institution that offers savings accounts and mortgages as its main business.

Building societies are mutual institutions. This means that most customers who have a savings account or a mortgage with a building society are also members and have certain rights to vote and receive information, and to attend and speak at meetings. Each member has one vote, regardless of how much money they have invested or borrowed or how many accounts they may have.

The key distinction between a mutual over a Stock market listed or 'plc' bank is that a mutual does not have