The Building Societies Association says it is delighted that MPS have backed a new parliamentary bill which affects building society funding limits and the rights of investors.
The bill, called the Financial Mutuals Arrangements Bill, also proposes to make it easier for different types of financial mutuals to merge.
It received its second reading today, when MPs debated the overall purpose of the legislation.
As the bill received the necessary support from parliamentarians, it will now begin its committee stage, when the details of the proposals will be scrutinised by a committee of MPs.
Adrian Coles, director-general of the BSA, says: “We are really delighted that MPs turned out in force to support mutuals operating in communities across the UK.
This bill will make it easier for building societies to do business and will benefit building society members.
We hope that the next stages of the bill will receive equally strong support from all political parties.”