The BSA welcomes the Government's proposals to amend the Building Societies Act 1986, and supports the individual measures proposed, many of which derive from the BSA’s own advocacy. We are pleased to respond to this consultation, and draw attention to a few other amending measures that the Treasury should address at the same time.
We welcome the Government’s recognition of the valuable contribution building societies, with their mutual values and focus on members, make to the financial services scene. We agree with the Treasury that the framework of the 1986 Act remains broadly and fundamentally fit for purpose, but needs further important but targeted updating. That is also why we urge Treasury to undertake these additional measures to make the updating and future-proofing of the Act as complete as possible. In the broadest sense, that is the BSA’s answer to Q7 posed in the consultation: How can the government best help building societies overcome these difficulties?

Read the full response here.