Building society - "Mutual" non-profit-making institutions set up to lend money to their members for house purchase. Building societies are "mutual;" because they are owned by their members, and their members are entitled to their profits and benefits.The Building Societies Act 1986 enabled building societies to provide a much wider range of services to their members, including unsecured personal loans, insurance policies, house-selling, and pensions. This was designed to put them on a level playing field with banks.In recent years some of the UK"s largest building societies have demutualised and effectively turned themselves into profit-making banks, with their profits being distributed to shareholders rather than their customers.Building societies are regulated by the Financial Services Authority (FSA).
Building society : "mutual" non-profit-making institutions set up to lend money to their members for house purchase. building societies are "mutual;" because they are owned by their members, and their members are entitled to their profits and benefits.the building societies act 1986 enabled building societies to provide a much wider range of services to their members, including unsecured personal loans, insurance policies, house-selling, and pensions. this was designed to put them on a level playing field with banks.in recent years some of the uk"s largest building societies have demutualised and effectively turned themselves into profit-making banks, with their profits being distributed to shareholders rather than their customers.building societies are regulated by the financial services authority (fsa).
Building society