The Government published a consultation paper last Friday titled The future of building societies: see here (pdf). The paper sets out reform principles and explains the Government's proposals with regard to building societies and the Independent Commission on Banking's recommendations. The same restrictions that apply to ring-fenced banks will be applied to building societies and it is proposed that there will be no de minimis exemption. Building societies will not be included in the ring-fencing legislation (the Banking Reform Bill, due in the new year) but amendments will instead be made to the Building Societies Act 1986.
Monday, 9 July 2012
UK: Government consultation - the future of building societies
The Government published a consultation paper last Friday titled The future of building societies: see here (pdf). The paper sets out reform principles and explains the Government's proposals with regard to building societies and the Independent Commission on Banking's recommendations. The same restrictions that apply to ring-fenced banks will be applied to building societies and it is proposed that there will be no de minimis exemption. Building societies will not be included in the ring-fencing legislation (the Banking Reform Bill, due in the new year) but amendments will instead be made to the Building Societies Act 1986.
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