# Building Societies Act 1986, Section 1: Functions of the Financial Conduct Authority and the Prudential Regulation Authority in relation to building societies.

Extent: E+W+S+N.I.

(1) The FCA has the following functions under this Act in relation to building socities—
(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b) to administer the system of regulation of building societies provided for by or under this Act; and
(c) to advise and make recommendations to the Treasury and other government departments on any matter relating to building societies.
(1A) The PRA has the following functions under this Act in relation to building societies—
(a) to secure that the principal purpose of building societies remains that of making loans which are secured on residential property and are funded substantially by their members;
(b) to administer the system of regulation of building societies provided by or under this Act, but only in so far as sections 5, 6, 7 and 9A confer functions on the PRA; and
(c) to advise and make recommendations to the Treasury and other government departments on any matter relating to building societies.
(2) The FCA and the PRA also have , in relation to such societies, the other functions conferred on them respectively by or under this Act or any other enactment.

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Source: https://www.legislation.gov.uk/ukpga/1986/53/section/1 (the official version)
Page: https://openlegislation.uk/building-societies-act-1986/section-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.