Nationwide Building Society (No. 2)

EDM number 1607 in 1997-98, proposed by Andrew Love on 24/07/1998.

That this House welcomes the fact that the members of the Nationwide Building Society have voted in their long-term interest to retain mutual status and that this ensures that there will continue to be choice, competition and diversity in the financial services industry; notes that building societies do not have to pay dividends to outside shareholders and can therefore offer today's and tomorrow's consumers cheap mortgages and attractive savings rates; further notes that this acts as a competitive restraint on other financial institutions to the benefit of all consumers; and, recognising that building societies' mutual status can continue to be challenged in this way every year, calls for a review of the regulatory framework to end the unnecessary disruption that this causes and ensure a level playing field with their competitors in the financial services sector.

This motion has been signed by a total of 74 MPs.