FCA and PRA widen Scale-up Unit access for building societies
Applications are open from 1st September to 30th September for banks, building societies and other eligible dual-regulated firms.
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) has widened access to its Scale-up Unit programme.
Applications are open from 1st September to 30th September for banks, building societies and other eligible dual-regulated firms.
Building societies with credible growth plans can apply even if they do not meet every part of the standard eligibility criteria.
Applicants would generally need more than £1bn in assets and projected net interest income growth of over 15% across three years.
Sheree Howard, executive director, authorisations, said: “Mutuals play an important role in delivering competition, choice and value for consumers across the UK.
“We recognise that building societies often grow in different ways from banks, so we want to ensure ambitious firms can access the same support to navigate regulation, invest with confidence and pursue sustainable growth through the Scale-up Unit.
“The inclusion of Nottingham Building Society in the first cohort highlighted the value that tailored regulatory support can offer growing mutuals.”
Howard added: “By widening access to the programme, we’re helping ensure building societies have the same opportunities to innovate, compete and grow as other firms.”
Charlotte Gerken, executive director for UK deposit takers at the Bank of England, said: “The Scale-up unit is part of our strategy to support the UK’s economic competitiveness and growth: it is helping growing firms to navigate the regulatory framework, and we are now pleased to make our tailored support and engagement available to more mutuals and banks.”
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