Building societies: an introduction

Building societies provide many services, including:

• mortgages
• lending
• investments
• money transmission  
• banking
• insurance

These services are regulated activities.

Building societies are dual-regulated, which means that they are regulated by Financial Conduct Authority (FCA) and by the Prudential Regulation Authority (PRA).

You can apply for access to the register of members of building societies.

Register and get authorised

Before your building society can offer financial services, it must be:

• authorised by the PRA
• registered with us

Report to us and the PRA

All building societies must send:

• two copies of your annual return and accounts to the FCA
• one copy of your annual return and accounts to the PRA

Read more about annual returns and reporting.

You must also report to us on other matters, including:

• the identity of controllers
• compliance with the law on new current accounts as set out in the Immigration Act

Read more about reporting requirements.

Public documents will be published in the Mutuals Public Register.

Change your details

You must tell us of any change to your society’s:

• registered address
• name
• memorandum or rules
• accounting year-end date

We may also need information about other changes, for example if your approved person changes.

Cancel your registration or dissolve a building society

If your society no longer wishes to be registered, or if you wish to stop trading (be dissolved), you must:

• cancel your Part 4a permissions (through Connect)
• dissolve your registration

Find out how to dissolve, or cancel the registration of, a building society.

More information

Read more about mutual societies:

• mutual society members’ rights
• find or request information on a society