Overview and History of Building Societies

Overview and History of Building Societies

Building societies have evolved into specialist savings banks which concentrate on mortgage lending. In the first video of the series on building societies, Sir Mark Boleat explains the evolution of these financial institutions in order to understand their place in the British system today.
Overview

Building societies originated as societies of people seeking to build their own homes, and since evolved into specialist savings banks, concentrating on retail savings and mortgage lending. However, shortly after converting to PLC status, many building societies were acquired by larger banks.

Key learning objectives:

  • Why did building societies grow in popularity?

  • What were the five key features of the 1986 Building Societies Act?

  • Why did converting building societies struggle in financial markets?

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Summary
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Expert
Sir Mark Boleat

Sir Mark Boleat

Sir Mark Boleat has held a wide range of board level appointments in the UK and Jersey. He is currently the Chairman of LINK, Eldon Insurance Services and the Governors of the City of London Academy Highbury Grove. Sir Mark is also Vice Chairman of the Advisory Board of the International Business and Diplomatic Exchange.

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