Bank of England and FCA announce plans to support growth of mutuals sector
The Bank of England and FCA announced measures to support Britain's mutuals sector, including speeding up application processes, reviewing credit union regulations, and facilitating cooperation among mutuals. Sam Woods emphasized the importance of mutuals in the financial system and the need to help them thrive.
LONDON, Dec 5 (Reuters) - Regulators at the Bank of England and the Financial Conduct Authority on Friday announced a package of measures aimed at supporting Britain’s mutuals sector.
The plans seek to speed up application processes, review credit union regulations, and make it easier for mutuals to co-operate.
“Mutuals are a vital part of our financial system. Today’s report examines how the financial mutuals sector is growing, and what we can do to help it thrive in the period ahead,” Sam Woods, CEO of the PRA and deputy governor at the BoE, said.
