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Open letter from the BSA to the Secretary of State for Business, Energy and Industrial Strategy
Dear Secretary of State,
Definition of Public Interest Entities
In parallel with our formal response to your department’s consultation ‘Restoring Trust in Audit and Corporate Governance’, I want to raise with you directly the specific matter of Public Interest Entities (PIEs) in the context of proportionality.
The UK’s exit from the European Union provides significant opportunity to shape aspects of our domestic legislative and regulatory framework in ways which maintain robust standards whilst removing unnecessary burdens from smaller firms in particular. This has already been characterised in the Prudential Regulation Authority (PRA) Strong and Simple consultation, supported by HM Treasury, and is also a feature of the Independent report from the Taskforce on Innovation, Growth and Regulatory Reform (TIGRR[1]) which recommends a new Proportionality Principle to be put at the heart of all UK Regulation.
The direction of travel in the audit and governance proposals from your department is to expand the definition of Public Interest Entities (PIEs) to cover other types of larger institution. We can see the strength in the case to do this. However, what is missing from the proposals is consideration of whether now is also the time to review the appropriateness of smaller institutions, such as the majority of building societies, remaining PIEs.
As member-owned financial institutions, building societies specialise in retail savings and residential mortgage lending. Smaller building societies have a simple business model and the PIE status imposes a burden that is substantially disproportionate to the potential benefit, contrary to the Financial Conduct Authority’s Principles for Good Regulation[2].
In practical terms our smaller members are already experiencing significant issues for example:
Taken together, we advocate that there is a strong argument for carving out the majority of building societies from PIE status, alongside other smaller financial institutions.
I would ask that you give serious consideration to the arguments made here for greater proportionality and I would, of course, be delighted to discuss this issue further with you or your team.
Yours sincerely
Robin Fieth
Chief Executive (BSA)
[1] https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/994125/FINAL_TIGRR_REPORT__1_.pdf