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Building society |
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Building societyBuilding societies are mutually owned organisations, which exist not for profit but for the benefit of the members. The idea of this is that the society is able to offer cheaper products to its members, though this is not always the case.Building society'Mutual' non-profit-making institutions set up to lend money to their members for house purchase. Building societies are 'mutual;' because they are owned by their members, and their members are entitled to their profits and benefits.The Building Societies Act 1986 enabled building societies to provide a much wider range of services to their members, including unsecured personal loans, insurance policies, house-selling, and pensions. This was designed to put them on a level playing field with banks.In recent years some of the UK's largest building societies have demutualised and effectively turned themselves into profit-making banks, with their profits being distributed to shareholders rather than their customers.Building societies are regulated by the Financial Services Authority (FSA).Similar MatchesBuildings insuranceBuildings insuranceBuildings insurance is designed to give you financial protection for the basic structure of your home, such as the walls, roof and foundations. This usually includes any external parts of the property such as your shed, garage, conservatory or greenhouse. Building Societies Investor Protection SchemeBuilding Societies Investor Protection SchemeA scheme set up to give limited protection to people with share and/or deposit accounts in authorised building societies which fail. Building societies are regulated and supervised by the Financial Services Authority and this scheme was replaced by the Financial Services Compensation Scheme (FSCS) in December 2001. In the case of an authorised building society being wound up there is a provision to pay compensation of 90% of a person's shares and/or deposits up to a set maximum. Buildings and contents insuranceBuildings and contents insuranceBuildings and contents insurance can often be purchased together protecting both the building structure and your belongings and possessions inside. Building blockBuilding blockSee stumbling block. Buildings insuranceBuildings insuranceInsurance which covers the policyholder against certain building losses or damages which may occur. The insurers will usually specify a maximum claim limit (the sum insured) which is the full rebuilding cost of the home. It is the owner's responsibility to ensure the sum insured is correct and to regularly update this cover, and failure to do so may invalidate the policy. Further SuggestionsCapacity buildingBuilding survey Position building bookbuilding Building And Loan Association |
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