Wurtzburg & Mills provides a comprehensive treatment of the regulatory regime which applies to building societies, the substantive law governing their primary activities and the constitutional framework within which they operate.
As regards the regulatory regime, the book covers not only those provisions in the Building Societies Act 1986 which are specific to building societies but also those provisions of the Financial Services and Markets Act 2000 which provide a common framework for the regulation of building societies, banks and other providers of financial services, together with a discussion of how regulatory powers are exercised in practice and the jurisdiction of the Upper Tribunal in financial services cases.
As regards the substantive law applicable to the principal activities of building societies,
Wurtzburg & Mills contains a full discussion of:
- those aspects of the law of mortgages which are of primary relevance to building societies in the conduct of their mortgage lending business;
- the law applicable to the savings side of building societies’ businesses, including the manner in which shares may be issued to saving members and deposits taken from other customers and the rights and liabilities attached to share and deposit accounts;
- fairness in contracts, with a particular focus on terms in both mortgage and savings contracts that may be vulnerable to challenge as unfair under the Consumer Rights Act 2015.
As regards the constitutional framework, Wurtzburg & Mills contains a detailed discussion of mergers and transfers of business, the law governing building society membership, meetings and management and the requirements which apply to the preparation of a society’s accounts.
The book also includes a full treatment of the jurisdiction of the Financial Ombudsman Service to determine complaints against building societies and of the Financial Services Compensation Scheme.
Wurtzburg & Mills is published in loose-leaf format, which enables the text to be regularly updated by periodic releases.
In short, the book is an essential reference text for anyone concerned with the regulatory or legal requirements applicable to building societies in the conduct of their businesses.
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