The new rules apply only to banks, and don't include credit unions and building societies.
WSJ: U.K. Lowers Entry Barriers for New Banks
This means that these schemes do not have the same protection as savers with UK-registered banks, building societies and credit unions.
BBC: Peer-to-peer lending tempts hard-hit savers
She got rid of the cartel of building societies that had rationed the supply of credit to house-buyers in Britain.
WSJ: What Would Margaret Thatcher Do?
The Treasury has particular responsibilities for financial mutuals, including building societies, mutual insurers, co-operatives and credit unions.
BBC: Credit Unions Order 2011
However, Mr Cornish believes that building societies are not immune to the liquidity crisis and credit crunch and will have to adapt.
BBC: Warning on slow mortgage recovery
And he welcomes the recent move by the Bank of England to allow banks and building societies to swap potentially risky mortgage debts for secure government bonds to help them operate during the credit squeeze.
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