A UK Act of Parliament regulating the activities of building societies. It widened their powers to include making unsecured loans and offering a range of financial services, such as providing cheque accounts, credit cards, foreign exchange, buying and selling shares, managing unit-trust schemes and personal equity plans, arranging and giving advice on insurance, etc. It also allowed building societies to own estate agencies and indulge in property development. The Act subjected building societies to a new regulatory agency, the Building Societies Commission, and additionally allowed societies to issue shares and become public limited companies (demutualize), subject to the agreement of their members.
Subjects: Financial Institutions and Services.