Charlotte Gerken discusses the PRA’s regulatory and supervisory changes since 2025 and outlines next steps following the PRA and FCA’s Mutuals Landscape report. With steps being taken to ensure proportionate regulation, driving the sector’s long-term success depends on mutuals managing risk responsibly and supporting one another to achieve sustainable growth
Speech
Introduction
Thank you to the Building Societies Association for inviting me to your conference here in Edinburgh. In spite of our name, the Bank of England’s links with Scotland go back to our roots, with the Scottish financier and economic thinker William Paterson being a founding member of the Bank in 1694.
At your conference in Birmingham last year, I spoke about the importance of effective risk management in promoting sustainable growth, and how the PRA was adapting its policy and supervisory approach. Today, I want to return to that theme, setting out where we intend to go next in terms of following up last year’s Mutuals Landscape report, what the PRA has delivered in terms of changes in supervision and policy, and the sector’s own role in promoting growth against a challenging and changeable economic backdrop.
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