This SI amends domestic legislation governing building societies, to address deficiencies arising from the UK’s exit from the EU. The SI amends the legislation to ensure that new mortgages on properties in non-EEA States and EEA States are treated the same after exit day; maintains contractual continuity for building society members who have an existing mortgage on a property in an EEA State, by maintaining the pre-Exit legal treatment of mortgages on properties in EEA States; and amends legislation to no longer allow building societies to transfer business to and from companies and mutuals in EEA States.
The SI also replaces several references to EU directives with equivalent references to the Prudential Regulation Authority’s rulebook.
Also see EU Exit SI tracker