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We welcome much of the content of CP 9/20. It is clear both from the proposals in the CP, and from the PRA’s timely and thorough thematic work on the 20 fastest growing deposit takers, that all was not well in the new bank and challenger sector, and corrective prudential action was urgently needed. The PRA is to be commended for making a start in this area. The main question is, not whether the proposed SS is needed, but whether it goes far enough? Our two general comments of principle are (i) that some of the measures proposed for new and growing banks only, can and should be made available - where appropriate -to established (non-systemic) banks and building societies ; and (ii) to re-iterate that any new building society should benefit from the same gradualist approach as is applied to new banks.
Read the full response here.
Jeremy Palmer
Head of Financial Policy