UK regulator to ditch Northern Rock-inspired limits on building societies

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The story "UK regulator to ditch Northern Rock-inspired limits on building societies" was covered 14 hours ago by Financial Times, a news publisher based in United States.

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Financial Times 14h ago

UK regulator to ditch Northern Rock-inspired limits on building societies - Financial Times

Quick Summary:

The move is part of a wider set of measures announced by the BoE in recent months to loosen the rules for UK lenders in response to Prime Minister Sir Keir Starmer’s call for regulators to focus on supporting British competitiveness and economic growth.

She expressed confidence that the BoE’s Prudential Regulation Authority, which supervises lenders, “has the right regulatory and supervisory tools to assess building societies’ safety and soundness, and to act on weak areas we identify”.

Continuing to set detailed rules only for building societies that do not apply to other lenders “would be a disproportionate approach”, she added.