The FCA and PRA today published their Mutuals Landscape Report. The regulators are planning to support the mutuals sector in a number of ways including:
- A new FCA Mutual Societies Development Unit- This unit will act as a central hub to help mutuals navigate policy and legislative changes.
- Both regulators will carry out a review of credit union regulations with the aim to create more risk-based requirements for larger, credit unions and proportionality for smaller credit unions.Â
- FCAÂ will provide free pre-application support for firms setting up, those innovating their business models, and those seeking guidance applying for targeted support permission.Â
- A cut in application times for new societies
More information on their plans can be found here.