Finance
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 readLast updated: January 20, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on December 8, 2025
1 min readLast updated: January 20, 2026
The Bank of England and FCA have announced measures to support the mutuals sector, focusing on speeding up applications and reviewing regulations.
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)
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.
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.
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.
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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