NATIONWIDE BUILDING SOCIETY (No. 2)

Early day motion 1607, tabled 24 July 1998 by Andrew Love (Labour/Co-operative). Signed by 76 members.

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.

Signatures by party: Labour 47, Labour/Co-operative 12, Liberal Democrat 12, Conservative 4, Scottish National Party 1.