HM Treasury has published two letters from Tulip Siddiq, Economic Secretary to the Treasury sent to the CEOs of the Financial Conduct Authority and the Prudential Regulation Authority requesting a report on the current mutuals landscape before the end of 2025. Ms. Siddiq explains that the request is part of the government's commitment to unlock the full potential of the mutual and cooperative sector in the U.K. and the importance of effective and proportional regulation in supporting this. She explains that the reports will aid the government and regulators' consideration of how best to support the mutuals sector to drive inclusive growth across the U.K., a key part of the latest Mansion House reforms. The letters also request a response from the regulators setting out their next steps in engaging with the request.
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