Boosting Britain's Mutuals: New Measures Unveiled

UK regulators have introduced measures to aid the mutuals sector, aiming to streamline application processes, review regulations, and enhance cooperation among mutuals. The initiatives underscore the sector's pivotal role in the financial system, as emphasized by PRA CEO Sam Woods.

The Bank of England and the Financial Conduct Authority have revealed a series of initiatives on Friday designed to bolster the UK's mutuals sector. The measures are intended to expedite application procedures, revisit credit union regulations, and facilitate greater collaboration among mutual entities.

Sam Woods, CEO of the PRA, which is a part of the Bank of England, and its deputy governor, highlighted the critical importance of mutuals within the financial framework, emphasizing their role in delivering diverse financial services to the public.

The fresh guidelines mark an effort to nurture the growth of financial mutuals across the UK, reinforcing their significance in supporting consumer needs and contributing to financial stability.

(With inputs from agencies.)