Introduction to regulations and legislation relevant to mutuals
Produced in partnership with Chris Lawrenson of Building Society Association
Introduction to regulations and legislation relevant to mutuals

The following Financial Services practice note produced in partnership with Chris Lawrenson of Building Society Association provides comprehensive and up to date legal information covering:

  • Introduction to regulations and legislation relevant to mutuals
  • Overview of the Building Societies Act 1986
  • Establishment and constitution of a building society
  • Building Society lending requirements
  • Building Society funding requirements
  • Management of building societies
  • Building society meetings
  • Accounts and audit
  • BSA 1986—miscellaneous points
  • Key legislation applying to other mutuals
  • More...

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Overview of the Building Societies Act 1986

The Building Societies Act 1986 (BSA 1986) gave building societies what, at the time, was a completely new legal framework for the first time since the initial comprehensive building society legislation in 1874. BSA 1986 has subsequently been amended on a number of occasions, and was substantively revised by the Building Societies Act 1997 (BSA 1997), by the Financial Services and Markets Act 2000 (FSMA 2000) and by the Financial Services Act 2012 (FSA 2012) (which also amended FSMA 2000). The Financial Services (Banking Reform) Act 2013 made some amendments to the BSA 1986 and various minor pieces of legislation have also made some further amendments to the BSA 1986.

Following amendments over the years, BSA 1986 has nine remaining Parts. There are also a number of Schedules that provide supplementary detail for various sections and a series of statutory instruments under, or affecting, BSA 1986. BSA

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