40 years: Executive leadership & banking
Building societies have evolved into specialist savings banks which concentrate on mortgage lending. In the first video of the series on building societies, Sir Mark Boleat explains the evolution of these financial institutions in order to understand their place in the British system today.
Building societies have evolved into specialist savings banks which concentrate on mortgage lending. In the first video of the series on building societies, Sir Mark Boleat explains the evolution of these financial institutions in order to understand their place in the British system today.
9 mins 39 secs
Building societies originated as societies of people seeking to build their own homes, and since evolved into specialist savings banks, concentrating on retail savings and mortgage lending. However, shortly after converting to PLC status, many building societies were acquired by larger banks.
Key learning objectives:
Understand why building societies grow in popularity
Outline the five key features of the 1986 Building Societies Act
Understand why converting building societies struggled in financial markets
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