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Bank of England and FCA announce plans to support growth of mutuals sector

Published by Global Banking & Finance Review

Posted on December 8, 2025

1 min read

· Last updated: January 20, 2026

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Bank of England and FCA announce plans to support growth of mutuals sector
Financial Conduct Authority Credit Unions financial sector
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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

BoE and FCA Announce Measures to Boost Mutuals Sector

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.

(Reporting by Suban Abdulla; editing by William James)

Key Takeaways

  • Bank of England and FCA introduce new measures.
  • Focus on speeding up application processes.
  • Review of credit union regulations planned.
  • Encouragement for mutuals to cooperate.
  • Mutuals are crucial to the UK financial system.

Frequently Asked Questions

What is a mutual?
A mutual is a member-owned financial institution that provides services like banking and insurance. Members share in the profits and decision-making, making mutuals a community-focused alternative to traditional banks.
What is the Bank of England?
The Bank of England is the central bank of the United Kingdom, responsible for issuing currency, maintaining monetary stability, and overseeing the financial system to ensure its safety and soundness.
What is the Financial Conduct Authority?
The Financial Conduct Authority (FCA) is a regulatory body in the UK that oversees financial markets and firms to protect consumers, ensure market integrity, and promote competition.
What are credit unions?
Credit unions are member-owned financial cooperatives that provide savings and loan services. They operate on a not-for-profit basis, aiming to serve their members rather than maximize profits.

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