UK building society sector

The UK building society sector consists of member-owned financial cooperatives that mainly focus on providing residential mortgage loans and savings accounts. Unlike banks, building societies are mutual organizations, meaning they are owned by their members rather than shareholders. They operate to serve the interests of their members, offering competitive interest rates and personalized services. Building societies are regulated by the Financial Conduct Authority and the Prudential Regulation Authority, ensuring stability and customer protection. They play a vital role in UK housing finance, emphasizing community focus and prudent financial management.