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A building society is a financial institution owned by its members as a mutual organization, which offers banking and related financial services, ...
The Building Societies Act 1986 (c. 53) is an act of Parliament of the United Kingdom governing building societies (mutually-owned mortgage-lending institutions). [1] It removed certain restrictions on the range of services they could offer, so that they could compete with banks on a level basis: they could now make unsecured loans, offer cheque accounts, exchange currencies, provide ...
It represents 42 building societies as well as seven credit unions in the United Kingdom. As of 2024 together these organisations serve c. 26 million customers. [2] The BSA's objective is to push for the best outcomes for building societies and other members from the plethora of new and changing regulation and legislation in the UK and Europe.
A building society is a form of mutual mortgage provision organization that emerged in the UK in the 19th century, for personal savings and home mortgages. For much of the 20th century, building societies had a large share of the retail savings market, and they had their zenith after the deregulation under the Building Societies Act 1986.
The approximate British equivalent of the savings and loan is the building society. Building societies also went through an era of demutualisation in the 1980s and 1990s, leaving only one large national building society and around forty smaller regional and local ones.
A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. . While the terms "S&L" and "thrift" are mainly used in the United States, similar institutions in the United Kingdom, Ireland and some Commonwealth countries include building societies and trustee savings b
In finance, permanent interest bearing shares (PIBS) are fixed-interest securities issued by building societies. PIBS become perpetual subordinated bonds if their issuer demutualises. Building societies use them in the way public limited companies use preference shares. Although similar to bonds, PIBS typically exist as long as their issuer ...
A passbook or bankbook is a paper book used to record bank or building society transactions on a deposit account. The Post Office Savings Bank introduced passbooks to rural 19th-century Britain. Traditionally, a passbook was used for accounts with a low transaction volume, such as savings accounts.