The Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 (sometimes referred to as the Butterfill Act) is an Act of the

Parliament of the United Kingdom The Parliament of the United Kingdom is the supreme legislative body of the United Kingdom, the Crown Dependencies and the British Overseas Territories. It meets at the Palace of Westminster, London. It alone possesses legislative suprema ...

. The Act gives

building societies A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially savings and mortgage lending. Building societies exist in the United Kingdo ...

greater powers to merge with other companies.

Passage through Parliament

The Bill was introduced as a

Private Members' Bill A private member's bill is a bill (proposed law) introduced into a legislature by a legislator who is not acting on behalf of the executive branch. The designation "private member's bill" is used in most Westminster system jurisdictions, in whi ...

Conservative Conservatism is a cultural, social, and political philosophy that seeks to promote and to preserve traditional institutions, practices, and values. The central tenets of conservatism may vary in relation to the culture and civilization in ...

Member of Parliament A member of parliament (MP) is the representative in parliament of the people who live in their electoral district. In many countries with bicameral parliaments, this term refers only to members of the lower house since upper house members o ...

Sir John Butterfill, originally titled the Financial Mutuals Arrangements Bill. It was also known as the Butterfill Bill.

Mergers under the Act

There have been several high-profile mergers under the auspices of the Act. In August 2009,

Britannia Building Society The Britannia Building Society was founded as the Leek & Moorlands Building Society in Leek in 1856. It expanded steadily as a regional society until the late 1950s when it began a major expansion drive, partly through branch openings but also so ...

merged with

Co-operative Financial Services Co-operative Banking Group Limited (originally Co-operative Financial Services) was a UK-based banking and insurance company and a wholly owned subsidiary of The Co-operative Group. Established in 2002, its head office was located at the CIS Tower ...

(part of

The Co-operative Group Co-operative Group Limited, trading as Co-op, is a British consumer co-operative with a group of retail businesses including food retail, wholesale, e-pharmacy, insurance and legal services, and funeral care. The Co-operative Group has over ...

). Britannia initially continued as a brand, although owned by the Co-op. In February 2011,

Kent Reliance Building Society Kent Reliance is a banking services provider and trading name of OneSavings Bank plc, based in Kent, England. It was founded in 1898 as the Chatham & District Reliance Building Society, changing its name to the Kent Reliance Building Society in ...

pooled its assets with American

private equity In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a t ...

bank J.C. Flowers & Co.. J.C. Flowers & Co. has a 40% interest in the new bank, named OneSavings Bank plc, with the other 60% in the hands of

Kent Reliance Provident Society Kent Reliance Provident Society (KRPS) was an industrial and provident society in the United Kingdom, formed as part of the transfer in 2011 of Kent Reliance Building Society's business to OneSavings Bank plc (OSB). The membership of the former ...

, a

mutual organisation A mutual organization, or mutual society is an organization (which is often, but not always, a company or business) based on the principle of mutuality and governed by private law. Unlike a true cooperative, members usually do not contribute t ...

owned by former Kent Reliance BS members. The bank trades as Kent Reliance.

References

External links

The Building Societies (Funding) and Mutual Societies (Transfers) Act 2007
as amended from the National Archives.
The Building Societies (Funding) and Mutual Societies (Transfers) Act 2007
as originally enacted from the National Archives.
Explanatory notes
to the Building Societies (Funding) and Mutual Societies (Transfers) Act 2007. {{UK legislation United Kingdom Acts of Parliament 2007 2007 in economics Building societies of the United Kingdom

Passage through Parliament

Mergers under the Act

See also

References

External links