The Building Societies Association (BSA) hosted David Bailey, Executive Director for Prudential Policy at Bank of England this morning (20 September 2024), as he delivered a speech on the proposed new ‘Strong and Simple’ capital regime for building societies (and banks) followed by an open discussion with senior leaders from Building Societies.
The Prudential Regulation Authority (PRA) published strong and simple capital regime for smaller firms on 12 September. The BSA strongly supports the Strong and Simple agenda to provide genuine and tangible proportionality into the regulatory framework rather than the existing one-size-fits-all approach.
Robin Fieth, Building Societies Association CEO, commented:
“The new Strong and Simple consultation provides greater certainty and proportionality to the industry, and it was good to have the opportunity to discuss them with David Bailey this morning.
“We welcome that the PRA has now published its proposals for a simplified capital regime for smaller deposit-takers. The BSA believes that simpler rules that are easy to understand and simple to implement are more effective than complex rules. We need to now work through the details and look forward to responding to the PRA on this important consultation.”
