Category: Money Date: 3/1/2010
Until very recently, the list of who owns which building society, and who's licence they trade under for compensation scheme purposes was very simple. They were all independent and had their own licences.However, the financial turmoil of the recent months has changed that, but only to quite a small extent. There have been a number of mergers of building societies so the picture is not quite so clear. We've set out below what the position is as at 30 March 2009.Some smaller building societies have merged with larger ones, but in the main have retained the previous names as trading names. The main benefit to savers with these societies is that they benefit from a multiple protection under the Financial Services Compensation Scheme, but only until 30 December 2010. The Scheme is being reviewed and there are various options being looked at, including having protection per brand rather than per institution which would significantly improve protection for consumers.The vast majority of societies retain their independence, primarily because they take less risks with their businesses than banks. Building societies are 'mutual' organisations run for the benefit of their members, and not for shareholders.
Name
Owned by
Who's Deposit taking (Banking) Licence ?
Linked for Compensation Scheme purposes.
Barnsley Building Society
Yorkshire Building Society
Barnsley Building Society currently has its own FSA licence but trades under Yorkshire Building Society's licence under the trading name of Barnsley Building Society.
Yorkshire Building Society. See Compensation Scheme arrangements.
Bath Building Society
Bath Investment & Building Society
None
Beverley Building Society
Buckinghamshire Building Society
Cambridge Building Society
Chelsea Building Society
Chesham Building Society
Cheshire Building Society
Nationwide Building Society
Nationwide Building Society,
Derbyshire Building Society, Dunfermline Building Society.
See Compensation Scheme arrangements
Chorley Building Society
Chorley & District Building Society
City of Derry Building Society
Coventry Building Society
Cumberland Building Society
Darlington Building Society
Derbyshire Building Society
Cheshire Building Society, Dunfermline Building Society
See Compensation Scheme arrangements.
Dudley Building Society
Dunfermline Building Society
Cheshire Building Society, Derbyshire Building Society
Earl Shilton Building Society
Ecology Building Society
Furness Building Society
Hanley Economic Building Society
Harpenden Building Society
Hinckley & Rugby Building Society
Holmesdale Building Society
Ipswich Building Society
Kent Reliance Building Society
Leeds Building Society
Leek United Building Society
Loughborough Building Society
Manchester Building Society
Mansfield Building Society
The Mansfield Building Society
Market Harborough Building Society
Marsden Building Society
Melton Mowbray Building Society
Monmouthshire Building Society
National Counties Building Society
Newbury Building Society
Newcastle Building Society
Norwich & Peterborough Building Society
Nottingham Building Society
Principality Building Society
Progressive Building Society
Saffron Building Society
Scarborough Building Society
Skipton Building Society (with effect from 30/03/2009)
Skipton Building Society
Scottish Building Society
Shepshed Building Society
Scarborough Building Society. See Compensation Scheme arrangements.
Stafford Railway Building Society
Stroud & Swindon Building Society
Teachers Building Society
Tipton & Coseley Building Society
Vernon Building Society
West Bromwich Building Society
Barnsley Building Society. See Compensation Scheme arrangements.
