Policy background Government consultation
Following from engagement with the building society sector, the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA), on 6 December 2021, the government launched a consultation on several amendments to the 1986 Act 2 . The consultation proposed excluding some sources of funding from the building societies wholesale funding limit calculation and updating building society constitutional and corporate governance requirements in line with modernisations made to company law by the Companies Act 2006.
	The Government published a response to this consultation as part of the Edinburgh Reforms in December 2022 3 . All respondents supported the range of proposals outlined in the consultation 4 .