Commenting on Sam Woods Strong and Simple speech this evening, Robin Fieth, Chief Executive of the Building Societies Association said: 

“We were delighted to hear Sam Woods speaking so enthusiastically about proportionate regulation for strong and simple UK building societies and banks at this evening’s Mansion House City Address to Regulators.  It makes sense to build on the positive developments introduced last year for credit unions, rather than seeking to develop a perfectly formed graduated regime.  We welcome the regulator focussing on what is really important to ensure the safety and soundness of different firms, rather than taking a one-regime-fits-all approach. This will enable different types of firm to thrive, and offer more choice and innovation for households and businesses. Building societies offer their full support and we look forward to working with the PRA as they develop these proposals.”