|
Building Societies Act 1986
The Building Societies Act 1986 is an Act of Parliament of the United Kingdom governing building societies ( mutually-owned mortgage-lending institutions). It removed certain restrictions on the range of services they could offer, so that they could compete with banks on a level basis: they could now make unsecured loans, offer cheque accounts, exchange currencies, provide stockbroking services, manage personal equity plans (tax-privileged investment accounts) and portfolios of unit trusts, arrange and advise on insurance, etc. A new regulatory agency, the Building Societies Commission, was set up to supervise the activities of the societies, which were allowed to de-mutualise and become public limited companies subject to the agreement of their depositors. This Act and the Big Bang stockmarket reform, also in the UK, also in 1986, were the two central planks of the move to financial deregulation in the United Kingdom in the 1980s. The Financial Services Act 1986 The Finan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Acts Of Parliament In The United Kingdom
In the United Kingdom an act of Parliament is primary legislation passed by the Parliament of the United Kingdom. An act of Parliament can be enforced in all four of the UK constituent countries ( England, Scotland, Wales and Northern Ireland); however as a result of devolution the majority of acts that are now passed by Parliament apply either to England and Wales only, or England only; whilst generally acts only relating to constitutional and reserved matters now apply to the whole of the United Kingdom. A draft piece of legislation is called a bill; when this is passed by Parliament and given Royal Assent, it becomes an act and part of statute law. Classification of legislation Acts of Parliament are classified as either "public general acts" or "local and personal acts" (also known as "private acts"). Bills are also classified as "public", "private", or "hybrid". Public general acts Public general acts form the largest category of legislation, in princ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parliament Of The United Kingdom
The Parliament of the United Kingdom is the Parliamentary sovereignty in the United Kingdom, supreme Legislature, legislative body of the United Kingdom, the Crown Dependencies and the British Overseas Territories. It meets at the Palace of Westminster, London. It alone possesses Parliamentary sovereignty, legislative supremacy and thereby ultimate power over all other political bodies in the UK and the overseas territories. Parliament is Bicameralism, bicameral but has three parts, consisting of the Monarchy of the United Kingdom, sovereign (King-in-Parliament), the House of Lords, and the House of Commons of the United Kingdom, House of Commons (the Parliament Acts 1911 and 1949, primary chamber). In theory, power is officially vested in the Queen-in-Parliament, King-in-Parliament. However, the Crown normally acts on the Advice (constitutional), advice of the prime minister, and the powers of the House of Lords are limited to only delaying legislation; thus power is ''de facto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Building Societies
A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially savings and mortgage lending. Building societies exist in the United Kingdom, Australia and New Zealand, and used to exist in Ireland and several Commonwealth countries. They are similar to credit unions in organisation, though few enforce a common bond. However, rather than promoting thrift and offering unsecured and business loans, the purpose of a building society is to provide home mortgages to members. Borrowers and depositors are society members, setting policy and appointing directors on a one-member, one-vote basis. Building societies often provide other retail banking services, such as current accounts, credit cards and personal loans. The term "building society" first arose in the 19th century in Great Britain from cooperative savings groups. In the United Kingdom, building societies actively compete w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mutual Organization
A mutual organization, or mutual society is an organization (which is often, but not always, a company or business) based on the principle of mutuality and governed by private law. Unlike a true cooperative, members usually do not contribute to the capital of the company by direct investment, but derive their right to profits and votes through their customer relationship. A mutual organization or society is often simply referred to as ''a mutual''. A mutual exists with the purpose of raising funds from its membership or customers (collectively called its ''members''), which can then be used to provide common services to all members of the organization or society. A mutual is therefore owned by, and run for the benefit of, its members – it has no external shareholders to pay in the form of dividends, and as such does not usually seek to maximize and make large profits or capital gains. Mutuals exist for the members to benefit from the services they provide and often do n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Loan
A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is " secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property (" foreclosure" or " repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word ''mortgage'' is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Personal Equity Plan
A personal equity plan (PEP) was a form of tax-privileged investment account in the United Kingdom, available between 1986 and 1999. History The plans were introduced by Nigel Lawson in the 1986 budget to encourage equity ownership among the wider population. PEPs were allowed to contain collective investments such as unit trusts. The ''single company PEP'', which was allowed to contain shares of a single company, was introduced in 1992. PEPs were superseded by individual savings accounts in 1999, and remaining accounts were converted to individual savings accounts in 2008. Types and privileges Growth in a PEP was free from capital gains tax within the fund and on encashment. Income was free from income tax. There were two types of PEP: the "general PEP" with an annual allowance of £6,000 and the "single company PEP" with an annual allowance of £3,000. Investments in a general PEP were limited to qualifying collective investments. Qualifying investments had at least half of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unit Trusts
A unit trust is a form of collective investment constituted under a trust deed. A unit trust pools investors' money into a single fund, which is managed by a fund manager. Unit trusts offer access to a wide range of investments, and depending on the trust, it may invest in securities such as shares, bonds, gilts, and also properties, mortgage and cash equivalents. Those investing in the trust own "units" whose price is called the "net asset value" (NAV). The number of these units is not fixed and when more is invested in a unit trust (by investors opening accounts or adding to their accounts), more units are created. In addition to the UK, trusts are found in Fiji, Ireland, the Isle of Man, Guernsey, Jersey, New Zealand, Australia, Kenya, Uganda, Namibia, South Africa, Singapore, Malaysia and Zimbabwe. History The first unit trust was launched in the UK in 1931 by M&G under the inspiration of Ian Fairbairn. The rationale behind the launch was to emulate the comparative r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Big Bang (financial Markets)
The phrase Big Bang, used in reference to the sudden deregulation of financial markets, was coined to describe measures, including abolition of fixed commission charges and of the distinction between stockjobbers and stockbrokers on the London Stock Exchange and change from open outcry to screen-based electronic trading, effected by UK Prime Minister Margaret Thatcher in 1986. History Big Bang was the result of an agreement in 1983 by the Thatcher government and the London Stock Exchange to settle a wide-ranging antitrust case that had been initiated during the previous government by the Office of Fair Trading against the London Stock Exchange under the Restrictive Trade Practices Act 1956. These restrictive practices included the London Stock Exchange's rules establishing fixed minimum commissions, the "single capacity" rule (which enforced a separation between brokers acting as agents for their clients on commission and jobbers who made the markets and theoretically provi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deregulation
Deregulation is the process of removing or reducing state regulations, typically in the economic sphere. It is the repeal of governmental regulation of the economy. It became common in advanced industrial economies in the 1970s and 1980s, as a result of new trends in economic thinking about the inefficiencies of government regulation, and the risk that regulatory agencies would be controlled by the regulated industry to its benefit, and thereby hurt consumers and the wider economy. Economic regulations were promoted during the Gilded Age, in which progressive reforms were claimed as necessary to limit externalities like corporate abuse, unsafe child labor, monopolization, pollution, and to mitigate boom and bust cycles. Around the late 1970s, such reforms were deemed burdensome on economic growth and many politicians espousing neoliberalism started promoting deregulation. The stated rationale for deregulation is often that fewer and simpler regulations will lead to raised lev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services Act 1986
The Financial Services Act 1986 (1986 c.60) was an Act of the Parliament of the United Kingdom passed by the government of Margaret Thatcher to regulate the financial services industry. The Act used a mixture of governmental regulation and self-regulation, and created a Securities and Investments Board (SIB) presiding over various new self-regulating organisations (SROs). It was superseded by the Financial Services and Markets Act 2000. Context The Act may be thought of as an “emasculated Gower”. Professor Laurence Gower had been asked to produce a report on financial regulation, followed by a draft bill. He tended towards a tighter and more top-heavy regime. The Thatcher government became impatient with this process and pushed a second bill through in place of Gower with more emphasis on self-regulation but containing most of the regulatory content of the Gower bill. This relatively light approach to regulation followed a trend taking place in America under the Reagan ad ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Building Societies Act
Building Societies Act is a stock short title used in both Ireland and the United Kingdom for legislation relating to building societies. List Ireland *The Building Societies (Amendment) Act 2006 *The Building Societies Act 1989 *The Building Societies (Amendment) Act 1986 *The Building Societies (Amendment) Act 1983 *The Building Societies (Amendment) Act 1980 *The Building Societies Act 1976 *The Building Societies Act 1974 *The Building Societies Act 1942 United Kingdom *The Dormant Bank and Building Society Accounts Act 2008 (c 31) *The Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 (c 26) *The Building Societies (Distributions) Act 1997 (c 41) *The Building Societies Act 1997 (c 32) *The Building Societies (Joint Account Holders) Act 1995 (c 5) *The Building Societies Act 1986 (c 53) *The Building Societies Act 1962 (10 & 11 Eliz 2 c 37) *The Building Societies Act 1960 (8 & 9 Eliz 2 c 64) *The Building Societies Act (Northern Ireland) 1967 ( ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom Acts Of Parliament 1986
United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two film Literature * ''United!'' (novel), a 1973 children's novel by Michael Hardcastle Music * United (band), Japanese thrash metal band formed in 1981 Albums * ''United'' (Commodores album), 1986 * ''United'' (Dream Evil album), 2006 * ''United'' (Marvin Gaye and Tammi Terrell album), 1967 * ''United'' (Marian Gold album), 1996 * ''United'' (Phoenix album), 2000 * ''United'' (Woody Shaw album), 1981 Songs * "United" (Judas Priest song), 1980 * "United" (Prince Ital Joe and Marky Mark song), 1994 * "United" (Robbie Williams song), 2000 * "United", a song by Danish duo Nik & Jay featuring Lisa Rowe Television * ''United'' (TV series), a 1990 BBC Two documentary series * ''United!'', a soap opera that aired on BBC One from 1965 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
