Six building societies have been selected to join 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.
These societies reflect the breadth and distinctiveness of the building society sector, from strong regional roots and commercial lending to innovative mortgages and everyday banking.
The Scale-up Unit supports growing financial services firms as they navigate the regulatory landscape. The new cohort recognises the role building societies can play in increasing competition, supporting financial stability and contributing to 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.
“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.”
