The Prudential Regulation Authority (PRA) has launched a consultation into the amalgamations and transfers of friendly societies.
The consultation has arisen due to feedback from industry players around the Part VIII transfer process. The process can be "complex and difficult to navigate", according to the regulator. Feedback from the industry included roundtables with mutual leaders, including the Association of Financial Mutuals (AFM) and its members. Andrew Whyte, CEO, AFM, told COVER: "We welcome the publication of this consultation, clarifying and simplifying the rules around transfers is something we and our members have been asking for some time "We will fully engage with the PRA with this consultation...
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