PRA consults on updated guidance for friendly society amalgamations and transfers
The proposals would provide more detail on the PRA’s approach to Part VIII transactions, helping firms plan amalgamations and transfers more efficiently. Financial mutuals play an important role in the UK financial services sector, and the PRA is committed to supporting their long-term, sustainable growth and ability to compete effectively alongside other firms. In the PRA/FCA Mutuals Landscape Report, the PRA highlighted its plan to provide guidance on the Part VIII transfer process. The proposed changes to Statement of Policy 3/15, which have been informed by firms and advisers with experience of Part VIII transactions, help deliver on that commitment. The proposals are intended to provide more detail and transparency for firms navigating the existing legislative framework, supporting the efficient execution of Part VIII transfers.
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PRA friendly society guidance; UK regulatory, no US market impact.