Regulatory Alerts2026-07-22
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PRA consults on updated guidance for friendly society amalgamations and transfers
The PRA proposes changes to Statement of Policy 3/15 to provide detailed guidance on Part VIII transactions for financial mutuals, including friendly societies. The updated framework outlines a typical sequence for transfers, clarifies decision-making criteria for waiving member votes or requiring independent actuary reports, and defines the scope of applicability for different firm types. This consultation aims to enhance transparency and efficiency in executing amalgamations and transfers under the existing legislative framework.
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