The BSA welcomes the Treasury’s well-considered and sensible proposals in Phase II of the FRF Review. We fully support the overall approach set out in the CP, which aligns closely with what the BSA has been calling for since late 2016, as outlined in our response to the Phase I consultation in late 2019. We set out our general positive comments on the paper, respond to the specific consultation questions, and then address certain wider issues, including matters specific to our members - building societies and some large credit unions. In doing so, we advocate some improvements to the UK regime, so that the UK can truly “build back better”, as well as “taking back control”.

Read the full response here.