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Watchdogs rip up rulebook for building societies in growth boost
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UK watchdogs, including the FCA and PRA, announced deregulation initiatives to boost British building societies. The Building Societies Sourcebook will be removed, easing lending and Treasury activity limits. New societies' application time will be reduced, and a Mutual Societies Development Unit will be formed. The reforms aim to double the mutuals sector size, despite concerns over cash ISA changes affecting mortgage funding.
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