Letter to the PRA on mutuals reporting (HTML)
Published 14 November 2024
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Sam Woods
Deputy Governor for Prudential Regulation and Chief Executive
Prudential Regulation Authority
20 Moorgate London
EC2R 6DA
November 2024
Dear Sam,
REGULATORY REPORTING ON THE MUTUALS LANDSCAPE
I am writing to you regarding the government’s commitment to unlock the full potential of the mutual and cooperative sector in the UK, and the importance of effective and proportional regulation in supporting this. As you will know, this is something I care about deeply and raised accordingly in my introductory meetings with both the PRA and FCA.
Building on this, I would welcome a report from the PRA and FCA assessing the current mutuals landscape. I am confident such a report, which I would appreciate before the end of 2025, would aid the government and regulators’ consideration of how best to support this sector to drive inclusive growth across the UK.
I would also welcome a response setting out the PRA’s next steps in engaging with this request.
I am copying this letter to Dame Meg Hillier, Chair of the Treasury Committee.
Yours sincerely,
Tulip Siddiq MP