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Building Societies Association calls for rule change


The Building Societies Association&#39s outgoing chairman has called on the Government to change the rules governing building societies.


Speaking at the BSA annual conference John Heaps suggested the Government should make a number of changes to protect societies from carpetbaggers.


Heap says the regulations should allow borrowers to have the same rights as savers. The Government should also increase the number of investors required to nominate a candidate for membership of the board or members resolution beyond its current requirement of 50.


He adds that candidates who are rejected by the members or who withdraw from elections should be ineligible to stand for at least the next three votes.


Finally Heaps has called for legislation to allow the Building Societies Commission to vet candidates to ensure they are fit and proper to hold the post.

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