The Building Societies (Provision of Services) (No. 3) Order 1987
This Order varies Schedule 8 to the Building Societies Act 1986, which specifies financial services building societies are empowered to provide, subject to adoption in a memorandum of powers, and the restrictions applying in relation to the provision of particular services. The list of services in the Schedule is extended to include the provision of investment advice to individuals, and arranging for customers to acquire units in a unit trust. For the purpose both of the new power to give investment advice and of the power already available to societies under Schedule 8 to arrange for the provision of investment services, a definition of “investment” is added to the Schedule. This is by reference to the definition in the Financial Services Act 1986, which includes shares, debentures, government stock, options, futures and certain insurance contracts.