Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Purpose definition

What does Purpose mean? In practice, Purpose describes the permitted activities and use of information in connection with a proposed or agreed standstill or restructuring. It is a contractual defined term, not set by legislation or case law, and its use is broadly consistent across England and Wales, Scotland, Northern Ireland and Ireland. Purpose means the evaluation, negotiation, documentation, monitoring and implementation of a standstill agreement or a restructuring agreement, together with ancillary steps reasonably necessary for that outcome. This typically includes due diligence; formulating and assessing proposals; seeking, granting and recording waivers or consents; preparing, amending and executing finance, intercreditor and security documents; coordinating...

UK building societies and other mutuals: BSA 1986 framework, FCA/PRA regulation, capital requirements and 2024–2026 reforms

Published by a LexisNexis Financial Services expert

Practice notes

The aim of this Practice Note is to set out an overview of the legislation that underpins building societies. It also briefly addresses the legal framework supporting other mutual bodies, such as friendly societies.

Overview of the Building Societies Act 1986

The Building Societies Act 1986 (BSA 1986) introduced, at that time, an entirely fresh statutory framework for building societies, the first wholesale re-cast since the original comprehensive building society legislation of 1874. Since then, BSA 1986 has been amended repeatedly, and was substantially overhauled by the Building Societies Act 1997 (BSA 1997), the Financial Services and Markets Act 2000 (FSMA 2000), and the Financial Services Act 2012 (FSA 2012) (which also amended FSMA 2000). The Financial Services (Banking Reform) Act 2013 made further changes to BSA 1986, and assorted minor enactments have also produced additional amendments to BSA 1986. Additional amendments were enacted by the Building Societies Act 1986 (Amendment) Act 2024, which received Royal Assent on 24 May 2024. After the cumulative amendments over the years, BSA 1986 now contains nine remaining Parts, as it stands today, currently in force...

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Web page updated on 29/05/2026

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