The PRA and FCA have published a report on the mutuals landscape, looking at the importance of mutuals to the financial sector, and the measures the regulators take to ensure proportionality in regulation. The report looks at the regulatory burdens already eased, such as the PRA’s removal of fees, the strong and simple framework and the Solvency UK changes; and the FCA’s removal of the Consumer Duty Board Champion requirement plus the proposals and upcoming changes on SMCR, the advice guidance boundary, and mortgage and insurance conduct rule simplification.
