Editing Building society (section)

===2000s and 2010s===
The [[Building Societies (Funding) and Mutual Societies (Transfers) Act 2007]], known as the Butterfill Act, was passed in 2007 giving building societies greater powers to merge with other companies. These powers have been used by the [[Britannia Building Society|Britannia]] in 2009 and [[Kent Reliance Building Society|Kent Reliance]] in 2011 leading to their demutualisation.

Prior to 31 December 2010, deposits with building societies of up to £50,000 per individual, per institution, were normally protected by the [[Financial Services Compensation Scheme]] (FSCS), but Nationwide and Yorkshire building societies negotiated a temporary change to the terms of the FSCS to protect members of the societies they acquired in late 2008/early 2009. The amended terms allowed former members of multiple societies which merge into one to maintain multiple entitlements to FSCS protection until 30 September 2009 (later extended to 30 December 2010), so (for example) a member with £50,000 in each of Nationwide, Cheshire and Derbyshire at the time of the respective mergers would retain £150,000 of FSCS protection for their funds in the merged Nationwide.<ref>{{cite web |url=http://www.moneymadeclear.fsa.gov.uk/news/product/bs_merger_compensation.html |title=Building Society Merger Compensation |access-date=2008-12-20 |url-status=dead |archive-url=http://webarchive.nationalarchives.gov.uk/20081230233437/http%3A//www.moneymadeclear.fsa.gov.uk/news/product/bs_merger_compensation.html |archive-date=30 December 2008 |df=dmy-all }}</ref> On 31 December 2010 the general FSCS limit for retail deposits was increased to £85,000 for banks and building societies and the transitional arrangements in respect of building society mergers came to an end.