Establishing a Building Society

Building societies originated in Great Britain on the back of cooperative finance groups, and like credit unions they are owned by their members. They offer many of the same services as banks, with a strong focus on mortgages and traditional savings accounts.

If you are interested in starting your own building society, speak to our experienced legal team about your plans on 0345 872 6666. JMW’s solicitors have varied experience in setting up FSA regulated institutions and we understand the key complexities involved.

Our solicitors can advise you on whether a building society is the best fit for your business model, and will be on hand to offer help at every step of the process.

Setting up a building society

Plans for setting up a building society must follow legislation set out in the Building Societies Act, and your organisation must also acquire Financial Services Authority authorisation to legally function.

  • Other necessities when setting up a building society include:
  • Own funds of at least £1 million
  • Business plan covering lending and funding
  • IT infrastructure

Our legal team has the experience and the knowledge required to successfully apply to help you secure all the relevant accreditation and authorisation.

Contact us today

If you want to set up a building society, then call us on 0345 872 6666 to speak to our team. We have the necessary expertise to ensure that everything is in place, and that all relevant legal boxes are ticked.

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