Explanatory note

These Regulations supersede the Building Societies (General Charge and Fees) Regulations 1991 (“the 1991 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 1992 and ending on 31st March 1993 and is expected to raise £3.9 million. Each society is required to pay a sum of £2,000 plus a sum equal to 0.0017% of its assets, up to £22,500 million, and 0.00085% of its assets above that amount, or in the case of a society formed by a recent amalgamation, a sum of £4,000 plus a sum equal to the same percentage of the aggregated value of the uniting societies.

The Regulations also provide for fees to be paid by societies in respect of particular functions of the Building Societies Commission in relation to mergers of societies and transfers of business to commercial companies and of 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. These fees are approximately 7% higher than those payable under the 1991 Regulations.

The fees in respect of functions related to transfer of a society’s business to a commercial company have also been amended to provide for an additional fee to be paid where a society, having applied for approval by the Commission of a transfer statement, makes an application for approval of an amended statement.