The Building Societies (Provision of Services) Order 1995

Statutory Instruments

1995 No. 1189

BUILDING SOCIETIES

The Building Societies (Provision of Services) Order 1995

Made

25th April 1995

Laid before Parliament

4th May 1995

Coming into force

1st June 1995

The Building Societies Commission, in exercise of the powers conferred on it by section 34(2) and (8) of the Building Societies Act 1986(1), hereby makes the following Order:

Citation and commencement

1.  This Order may be cited as the Building Societies (Provision of Services) Order 1995 and shall come into force on 1st June 1995.

Variation of Schedule 8

2.  Schedule 8 to the Building Societies Act 1986(2) (which relates to the powers of a building society to provide services) shall be varied by the deletion of paragraph 1(a), (d) and (e) of Part III (which restrict to individuals the provision of certain banking services).

In witness whereof the common seal of the Building Societies Commission is hereto fixed and is authenticated by me, a person authorised under paragraph 14 of Schedule 1 to the Building Societies Act 1986, on 25th April 1995.

J. Dennis

Secretary to the Commission

Explanatory Note

(This note is not part of the Order)

This Order varies Schedule 8 to the Building Societies Act 1986 (which relates to the provision of services by building societies). It removes the restrictions on providing certain banking services to persons other than individuals. The services concerned are arranging the taking of deposits, providing guarantees and arranging the provision of guarantees.

A review of the cost of compliance with this Order has been undertaken and the resulting compliance cost assessment may be purchased from the Secretary, Building Societies Commission, 15 Great Marlborough Street, London W1V 2LL.

(1)

1986 c. 53.

(2)

Schedule 5 to S.I. 1988/1141 sets out Schedule 8 as varied by that Order; Schedule 8 was further varied by S.I.s 1989/839 and 1992/509.