✓ Passed into LawLords
UK Parliament · Bill
Building Societies (Funding) and Mutual Societies (Transfers) Act 2007
Summary
This Act changes the rules for building societies and mutual organisations, giving them more freedom in how they raise funds and allowing them to restructure more easily. It's designed to help these organisations be more competitive and flexible, though it does shift some of the protections that traditionally kept them focused on their members' needs.
A vote to support means
- —Supporting this Act means allowing building societies (non-profit banks owned by members) to raise money more flexibly and making it easier for mutual organisations to convert into other types of businesses. Supporters believe this helps these organisations grow, compete better, and serve their customers more effectively.
A vote to oppose means
- —Critics worry that making it easier for building societies to change structure or raise money could put members' interests at risk. They're concerned that mutual organisations might prioritise profits over their traditional mission of helping ordinary people save and borrow money fairly.
Cast Your Vote
People's Vote0 votes
0% Support · 00% Oppose · 0
Bill Passage
Commons
- 1st reading13 Dec 2006
- 2nd reading23 Mar 2007
- Committee stage25 Apr 2007
- Report stage27 Apr 2007
- 3rd reading27 Apr 2007
Lords
- 1st reading30 Apr 2007
- 2nd reading14 Jun 2007
- Committee stage10 Jul 2007
- Report stage24 Jul 2007
- 3rd reading12 Oct 2007
Royal Assent23 Oct 2007
Full Bill Description(click to expand)
No description available