Building Societies(2)

e-dennis.net What is a mutual society?
A mutual society has no external shareholders, therefore it is not part of the stock market, nor is it owned solely by an external company or individual. It is mainly operated for the interests of its members who receive benefits as being part of the society. A member is an individual with savings deposited with the society, as well as individuals with loans provided by the society.
Will my investments be safe with a building society?
The Financial Services Compensation Scheme gives 100% compensation for the first 2,000 of savings lost due to a society going bankrupt, in addition to up to 90% of any more deposits totaling up to 33,000. For more information, please see the FSCS website at www.fscs.org.uk.
How large is the building society market?
Sixty-five building societies are based in the UK, with combined assets totaling over 200 billion. About 18% of all mortgages come from this amount. (Source: Building Societies Association).
What are my rights as a member of building society?
Should you borrow money from a building society, or otherwise make use of its services as a client, you are granted specific rights. These rights include being allowed to cast a vote regarding various decisions that concern the society, and the right to obtain information from the society, as well as the right to attend meetings of the society.

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