December 1, 2016
The Prudential Regulation Authority (PRA) published today a policy statement (PS) providing feedback on responses to Consultation Paper (CP)12/16, ‘Supervising building societies’ treasury and lending activities’ and the final Supervisory Statement (SS)20/15 (see Appendix).
The PS is relevant to building societies, and should be read in conjunction with the PRA Rulebook for CRR firms and the PRA’s approach to banking supervision.
The guidance in SS20/15 takes effect from 1 January 2017.
The PRA received 22 responses to the proposals in the CP, including from 17 individual building societies. The PS sets out the main issues raised by respondents, following the same structure as the SS. The PRA has also made several clarifications and corrections to the SS text to address points raised by respondents and following its own review.
The summary and related items can be found on the BoE website here.