PRA consults on removal of SS20/15 for building societies

The PRA is consulting on removing SS20/15, which sets out its supervisory expectations in relation to the treasury and lending activities of building societies, following a review that has led it to conclude that:

• the SS is no longer an accurate reflection of its expectations;
• the SS sets more prescriptive requirements than those that apply to banks, so could create an unlevel playing field; and
• the PRA has a number of other tools it can use to supervise the increasingly sophisticated risk management techniques building societies use.

Withdrawal of the SS will not require any changes to the PRA Rulebook.

The PRA asks for comments by 8 August.