The Prudential Supervision of Building Societies

The 1986 Building Societies Act established a Building Societies Commission (BSC) to take over the regulatory function previously exercised by the Chief Registrar of Friendly Societies. According to the new legislation the BSC should consist of between four and ten members appointed by the Treasury although this number can be increased at the discretion of the Treasury. The BSC formally came into being on 25 September 1986 with the first Chairman of the BSC being Mr Michael Bridgeman, the Chief Registrar of Friendly Societies.