Mutuals newsPrint publication
In this section, Partner Andrew Beck highlights some of the legal and regulatory matters of interest to mutuals which have hit the headlines in recent weeks.
- The PRA has opened a consultation on its approach to its supervision of building societies’ treasury and lending activities. The consultation can be accessed here and seeks responses by 4 July 2016.
- The FCA has published a new landing page which pulls together key resources and guidance relating to the Mortgage Credit Directive: https://www.the-fca.org.uk/mortgage-credit-directive
- The PRA has published a Policy Statement which sets out amendments to rules on loan to income ratios in mortgage lending. The Policy Statement can be accessed here.
- The PRA has opened a consultation on minimum standards firms should meet when underwriting buy-to-let contracts. (The proposals do not apply to lending that is subject to the FCA’s MCOB sourcebook, or to consumer buy-to-let lending under the Mortgage Credit Directive Order 2015). The consultation can be accessed here and is open until 29 June 2016.
- The Bank of England has published its ‘Key elements of the 2016 stress test’ and guidance for participating firms, in accordance with its ongoing commitment to stress testing the UK banking system.
- The Banking Standards Board published its first annual review, which can be accessed here, on 8 March 2016. The review looks at the BSB’s work done since it was established in April 2015; identifies key themes that emerged from its pilot assessment of ten major retail financial services providers; and confirms the BSB’s priorities for the coming year.