Welcome to BuildingSocieties.co.uk where we bring all there is to know about Building Societies in the UK. No BS (excuse the pun) just quality information on the financial institutions, what they do and where to go. We start below with some info on the Building Society Association of the UK
Building Societies Association
The Building Societies Association is the trade organization of the building societies in the United Kingdom. It represents mutual lenders and deposit takers in the UK including all 48 UK building societies. There are over 50 mutual lenders and deposit takers and as many associates within the Building Societies Association. A key role for the Building Societies Association is to represent the interests of the members to external bodies, such as government departments and regulators. They are represented in both the United Kingdom and Brussels. As well as proactively campaigning, the Building Societies Association frequently comments on consultative papers issued by the Financial Services Authority and by government departments such as the Treasury or the Department of Trade and Industry. Publications include comsumer factsheets and advice as well as industry publications.
The Building Associations Society is very active in legislation as well. Building societies are regulated by the FSA subject to legislation set out in the Building Societies Act 1986. This act has been revised and amended since its inception and sets out detailed provisions in relation to the constitution of building societies, limits on raising funds other than from individuals and restrictions on powers. These powers include certain powers of the Financial Services Authority, management of building societies, and mergers and transfers of business.
The Building Societies association also provides a wide range of seminars and training courses for members and associates, and also organizes a number of events throughout the year. Many events are even open to non-member organizations. Selected speeches from recent events can even be obtained on the Building Association Societies’ website.
As you can see, the Building Societies Association is invaluable to smaller building associations and consumers alike. They provide a wide range of services to help guide and regulate the industry and its many components.