Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Building society definition

What does Building society mean? A member‑owned (mutual) financial institution that takes members’ savings and provides residential mortgage lending. In England & Wales and Scotland, the term has a statutory meaning under the Building Societies Act 1986 (as amended), which sets the mutual structure, principal purpose of making loans secured on residential property, and funding/lending limits (including that funding is predominantly from members’ shares and deposits). The Act also provides for supervision, governance by a board accountable to members, and statutory mechanisms for transfer of engagements or conversion/demutualisation to a company. In the UK, building societies are authorised and regulated for prudential and conduct purposes by...

UK building societies and financial mutuals: statutory framework, permitted activities, capital and funding limits, FCA registrar functions, and FCA/PRA conduct and prudential regulation

Published by a LexisNexis Financial Services expert

Practice notes

$imgtext$

This Practice Note sets out an overview of the nature of building societies and mutual organisations, the legislation that supports their existence, and the activities they are allowed to undertake...

Nature of a Building society

The principal statute regulating 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 whose core business is offering savings accounts and mortgages. Building societies operate on a mutual basis. As a result, most customers with a savings account or a mortgage are also members and enjoy rights to:

vote
receive information
attend and speak at meetings

Each member has a single vote, irrespective of how much they have invested or borrowed, or how many accounts they hold...

The key difference between a mutual and a Stock market listed or ‘plc’ bank is that a mutual is not required to pay dividends to its shareholders...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Web page updated on 22/05/2026

Popular documents

Using the Judicial College Guidelines to assess general damages in personal injury claims

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Tomlin orders in England and Wales: CPR guidance on drafting, confidentiality, approval, variation, enforcement, limitation, CCA issues, court-specific requirements, sample wording and precedents

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Precedent: Deed of Surrender of Lease with Optional Premium, Settlement and Release, Landlord, Mortgagee and Guarantor Consents, Reimbursement and HM Land Registry Provisions (England and Wales)

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Precedent Statutory Declaration: Standard Wording under the Statutory Declarations Act 1835

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...