Explanatory note

These Regulations supersede the Building Societies (General Charge and Fees) Regulations 1986 (“the 1986 Regulations”), which are revoked. They provide for a general charge to be paid by authorised building societies towards the expenses of the Building Societies Commission. The charge is levied with respect to the Commission’s accounting year beginning on 1st April 1987 and ending on 31st March 1988, and is expected to raise £1.95 million. Each society is required to pay a sum equal to 0.002% of its assets, subject to prescribed minimum and maximum amounts. The charge payable under the 1986 Regulations in respect of the Commission’s initial accounting year of just over 6 months was 0.001% of assets, also subject to prescribed minima and maxima.

The Regulations also provide for fees to be paid by societies in respect of particular functions of the Building Societies Commission and the Central Office of the Registry of Friendly Societies under the Building Societies Act 1986, and fees to be paid by persons wishing to inspect or receive copies of documents in the custody of the Central Office. The fees are approximately 4% higher than those payable under the 1986 Regulations.