PARLIAMENTARY EARLY DAY MOTION
BUILDING SOCIETIES (12 January 1999)

That this House welcomes the competition provided by mutual organisations in the financial services sector as demonstrated by three independent end of year surveys which show that building societies provide cheaper mortgages and better performing TESSAs; believes that choice and diversity in the financial services sector is in the best interests of consumers; welcomes the resolve of the board of the Bradford and Bingley Building Society to remain a mutual as being in the best long term interest of its members; strongly supports the six other building societies that have each received a board nomination and an identical conversion resolution from a pro-conversion candidate who has failed to be elected to the Nationwide Building Society for two years in a row; and, recognising that building societies' mutual status can continue to be challenged in this way every year, calls for a review of the regulatory framework to end the unnecessary disruption that this causes and ensure a level playing field with their competitiors in the financial services sector.

Sponsored by:
Mr Andrew Love (Labour)