On 24 May 2024, the Building Societies Act 1986 (Amendment) Bill 2023-24 received Royal Assent.

The Bill was introduced in December 2023 with the aim of helping building societies to access more funding from sources other than customer savings. The draft explanatory notes to the Bill explained that it was intended to put building societies on a more level playing field with other retail deposit-takers (i.e. banks) in relation to their capital raising and corporate governance requirements, so that they can compete more effectively in the financial services sector and better support their members.

Whilst this was introduced as a Private Members’ Bill, it reflects the outcome of HM Treasury’s December 2021 consultation on proposed changes to the Building Societies Act 1986.