Until recently, building societies were the principal source of mortgages in Britain, and played a key role in thepersonal savings market. As mutual organisations, building societies are owned by and run for the benefit oftheir members, with no shareholders to take profits. Significant changes in financial markets in the 1990s haveled many building societies to turn themselves into listed financial institutions (banks) because there are fewer...
Until recently, building societies were the principal source of mortgages in Britain, and played a key role in thepersonal savings market. As mutual organisations, building societies are owned by and run for the benefit oftheir members, with no shareholders to take profits. Significant changes in financial markets in the 1990s haveled many building societies to turn themselves into listed financial institutions (banks) because there are fewer...
