{"value":{"id":1662270,"memberId":4726,"member":null,"memberRole":"The Treasury Lords Minister","uin":"HLWS1040","dateMade":"2023-09-21T00:00:00","answeringBodyId":14,"answeringBodyName":"Treasury","title":"Correction to PQ HL 4237","text":"<p>The Government has become aware of an inaccuracy in response to a Parliamentary Question [HL4237] setting out which of the Chancellor’s Edinburgh Reforms will be delivered via primary or secondary legislation or using existing powers issued on 15 December 2022.</p><p> </p><p>The response stated that all changes to the Building Societies Act 1986 would be delivered through secondary legislation only. However, I should have stated that the following changes will be made through secondary legislation: exempting deposits from SMEs with a turnover of up to £6.5 million from the funding limit calculation; allowing one director to sign the balance sheet on behalf of the board; and removing the retirement age provisions as stated in the 1986 Act for directors. Primary legislation will be required for the remainder of the changes.</p>","house":"Lords","noticeNumber":0,"hasAttachments":false,"hasLinkedStatements":false,"linkedStatements":null,"attachments":[]},"links":[{"rel":"self","href":"/Statements/1662270","method":"GET"}]}