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As well as proactively campaigning, the BSA frequently comments on consultative papers issued by the Financial Conduct Authority and Prudential Regulation Authority, and by Government departments such as the Treasury or the Department for Business, Innovation and Skills.
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The BSA has responded to FCA proposals to help Mortgage Prisoners by enabling lenders to utilise a modified affordability assessment.
In light of the series of recent accounting failures at large UK companies a review of the current regulatory arrangements is clearly overdue. We welcome this move. This is an opportunity to promote audit choice and to give parity of esteem to corporate forms other than listed plcs.
Appropriate and proportionate regulation is key to the long term future of the UK financial services sector. That the costs are paid for by the firms which benefit from this regulation is not disputed. Concerns arise where there are hints of a move away from the “polluter pays” principle.
We argue for a more appropriate fees policy for mutuals. Treating building societies the same as banks ignores the differences in risk and business models.
Our response focuses on HQLA and PRA 110, specifically timing and superequivalence aspects.
BSA response to the Affordable Housing Commission
BSA response to the FCA/PRA's to the FCA/PRA's consultation on changes to mortgage reporting requirements. We made the following recommendations.
* Expand the data fields in PSD007 to better capture internal product transfers and use this for smaller firms up to an annual gross mortgage-lending limit of £100m
* Extend the time period for firms to adopt the new reporting processes from 12 months to 18 months of publication of the final rules
* Ensure the Gabriel test environment is built and fully functional in tandem with publication of the final rules.
BSA response to Law Commission consultation on reinvigorating commonhold.