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Building Societies Act 1986
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- UK Public General Acts
- 1986 c. 53
- PART I
- Section 1
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Changes over time for: Section 1
Changes to legislation:
Building Societies Act 1986, Section 1 is up to date with all changes known to be in force on or before 22 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 5(11)-(14) inserted by 2007 c. 26 s. 1(2)
- s. 5(13)(a) substituted by S.I. 2013/496 Sch. 8 para. 4(4)
- s. 7(6A)-(6C) inserted by 2007 c. 26 s. 1(1)(a)
- s. 7(8A) inserted by 2007 c. 26 s. 1(1)(c)
- s. 176ZB excluded by S.I. 2017/400 reg. 14
- s. 246ZA-246ZC excluded by S.I. 2017/400 reg. 15
- s. 246ZD excluded by S.I. 2017/400 reg. 16
[F11 Functions of the [F2Financial Conduct Authority and the Prudential Regulation Authority] in relation to building societies.U.K.
(1)[F3The FCA] has the following functions under this Act in relation to building socities—
F4(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)to administer the system of regulation of building societies provided for by or under this Act; and
(c)to advise and make recommendations to the Treasury and other government departments on any matter relating to building societies.
[F5(1A)The PRA has the following functions under this Act in relation to building societies—
(a)to secure that the principal purpose of building societies remains that of making loans which are secured on residential property and are funded substantially by their members;
(b)to administer the system of regulation of building societies provided by or under this Act, but only in so far as sections 5, 6, 7 [F6and 9A ] confer functions on the PRA; and
(c)to advise and make recommendations to the Treasury and other government departments on any matter relating to building societies.]
(2)The [F7FCA and the PRA also have] , in relation to such societies, the other functions conferred on [F8them respectively] by or under this Act or any other enactment.]
Textual Amendments
F1Pt. I (s. 1) substituted (17.8.2001 for specified purposes and otherwise 1.12.2001) for Pt. I (ss. 1-4) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. II para. 132 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)
F2Words in s. 1 heading substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 3(5) (with Sch. 12)
F3Words in s. 1(1) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 3(2)(a) (with Sch. 12)
F4S. 1(1)(a) omitted (1.4.2013) by virtue of The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 3(2)(b) (with Sch. 12)
F5S. 1(1A) inserted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 3(3) (with Sch. 12)
F6Words in s. 1(1A)(b) substituted (26.3.2015) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 9 para. 4(3)(a); S.I. 2015/428, art. 2
F7Words in s. 1(2) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 3(4)(a) (with Sch. 12)
F8Word in s. 1(2) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 8 para. 3(4)(b) (with Sch. 12)
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