Six building societies chosen for regulators’ Scale-up Unit
Six building societies have joined the second cohort of the Financial Conduct Authority and Prudential Regulation Authority’s Scale-up Unit.
Cumberland Building Society, Leek Building Society, Market Harborough Building Society, Newcastle Building Society, Principality Building Society and West Bromwich Building Society will take part in the programme over the next 12 months.
The Scale-up Unit supports financial services firms to grow sustainably, while providing support with regulatory processes, product innovation, the impact of new policy proposals and sector engagement.
The Building Societies Association (BSA) said the lenders chosen reflected the breadth and distinctiveness of the sector, ranging from commercial lending to innovative mortgages.
The programme also aligns with the government’s ambition to double the size of the mutual sector.
Sarah Harrison, chief executive of the Building Societies Association, said: “It is great to see the regulators recognising the potential of building societies and that growth is not limited to challenger banks. Building societies bring greater diversity to financial services, which supports competition and financial stability.
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“The support of both regulators through the Scale-up Unit is welcome and closely aligned with the government’s ambition to double the size of the mutual sector. We congratulate all six societies and look forward to working with them and the regulators as the programme develops.”
On the banking side, Chetwood Bank and LHV Bank have also joined the programme.
