Ruth Doubleday, Head of Prudential Regulation at the BSA, said:  

“The BSA has been a big supporter of the Strong & Simple regime since its inception. We do not hold the view that simpler rules are in any way weaker and in fact the opposite can be true. Rules that are clearer to understand are easier to implement and can be stronger, not weaker. We welcome that the PRA has taken the opportunity to correct certain errors and provide additional clarification in the rules in places. These details matter and they will help firms to implement the new rules and reporting requirements by 1 January 2027.  

"The key question now is whether true proportionality will be achieved through the implementation period. It’s important for the whole industry to guard against gold-plating, whether presented as ‘best practice’ or through supervisory creep, by going beyond what the requirements demand.” 

Ends

Notes to Editors

PS4/26 - The Strong and Simple Framework: The simplified capital regime for Small Domestic Deposit Takers (SDDTs) 

PS1/26 - Implementation of Basel 3.1: Final rules
 

About the BSA

The Building Societies Association (BSA) represents all 42 UK building societies, as well as two mutual-owned banks and 7 credit unions. Building societies and mutual-owned banks have total assets of almost £680 billion. They hold residential mortgages of almost £495 billion, 29% of the total outstanding in the UK. They also hold over £495 billion of retail deposits, accounting for 23% of all such deposits in the UK. Building societies and mutual-owned banks account for 46% of all cash ISA balances.

Building societies employ around 52,300 full and part-time staff and operate through approximately 1,300* branches, a 35% share of branches across the UK.