Ask your MP to back the Building Societies Bill

Mutuals such as building societies are owned by their members rather than distant shareholders. They represent a better way of doing business, and help create an economy where wealth and power are more equally shared.

Building societies make a significant contribution throughout our economy by serving nearly 26 million consumers across the UK, but too often they are restrained by outdated legislation that holds them back compared to high streets banks.

The current laws need updating to reduce the barriers building societies face in operating and serving their members. That’s why Julie Elliott MP has brought forward the Building Societies Act 1986 (Amendment) Bill to make these changes and support the sector.

From modifying governance practices so they’re fit for a modern economy, to amending the regulations around lending to increase financial stability and unlock even greater potential for building societies, this legislation could make a real difference.

This Bill could help to grow our co-operative and mutual sectors. But for this Bill to make it through Parliament, we need your help. Every party should support mutuals – so will you ask your MP to back the Building Societies Bill?

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Promoted by Joe Fortune on behalf of the Co-operative Party, both at Unit 13, 83 Crampton Street, London, SE17 3BQ, United Kingdom. Co-operative Party Limited is a registered Society under the Co-operative and Community Benefit Societies Act 2014. Registered no. 30027R

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To: your.mp@parliament.uk

Dear MP Name MP,
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This week, important legislation that will support the co-operative and mutual sector will be brought before Parliament, and as my MP I am asking you to support it. Despite the vital contribution building societies already make to the UK economy by serving their members and offering a more democratic approach to business that helps share wealth and power, for too long the sector has been held back by outdated legislation that puts them at a disadvantage compared to high street banks. That’s why this Friday, Labour MP Julie Elliott is bringing forward the Building Societies Act 1986 (Amendment) Bill which will modify existing legislation surrounding Building Societies. Crucially, it will help update governance practices and lending regulations that can offer greater financial stability to the sector and reduce the barriers to Building Societies better serving their members. In seeking to address the challenges faced by Building Societies, this Bill can make a huge difference to the significant contribution they already make and further support the growth of the wider co-operative and mutuals sector. I hope you can support the Building Societies Act 1986 (Amendment) Bill, and help ensure a fairer economy where wealth and power are shared more equally.
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