"Mutuals have an important role to play in creating a more balanced and inclusive financial services market"

It has been announced that Nottingham Building Society is part of the first cohort of the PRA and FCA’s Scale-up Unit, an initiative supporting firms as they navigate the challenges of scaling in a regulated environment. 

The Scale-up Unit announced last year is designed to build stronger ties and provide tailored support for fast-growing and innovative financial firms, helping them to grow sustainably at pace.

The six firms that expressed interest and have been accepted to the first cohort are:

• Allica Bank
• ClearBank
• Monument Bank
• Nottingham Building Society
• OakNorth Bank
• Zopa Bank

These firms will receive support designed to help them navigate the regulatory landscape as they develop new products, attract new customers, and move into new markets. 

PRA and FCA officials will meet directly with the firms, both as a group and individually, throughout the coming months. This will also help the PRA and FCA better understand scaling firms’ experience of the regulatory process, with the aim of improving regulatory processes for the entire sector to help firms expand and innovate.

Growth brings opportunity, but it also brings complexity. For organisations of all shapes and sizes, reaching the right scale is essential for long-term sustainability. Engagement through the Scale-up Unit provides a valuable space to explore how regulatory processes evolve as firms grow responsibly and at pace. 

As a 176-year-old mutual, Nottingham Building Society brings long-standing experience alongside clear ambitions for the future. Mutuals play an important role in creating a balanced and inclusive financial services sector, and we welcome initiatives that support a level playing field for different business models. 

Sue Hayes, Chief Executive Officer at Nottingham Building Society, said: “We welcome the launch of the PRA and FCA’s Scale-up Unit as part of the government’s wider growth agenda, and we’re pleased to be part of the first cohort. Creating the right conditions for firms to grow sustainably is critical to a healthy financial services sector. 

“Scaling in a highly regulated environment brings both opportunity and complexity — not just for start-ups or investor-backed firms, but for all organisations that need to reach the right scale to remain sustainable over the long term. Engagement through the Scale-up Unit provides a valuable forum to explore the practical constraints to growth and how regulation can continue to evolve to support firms growing responsibly, but at pace. 

“Mutuals have an important role to play in creating a more balanced and inclusive financial services market, and this initiative also aligns with the government’s ambition to double the size of the mutual sector. It’s important that the regulatory framework recognises different business models and supports a level playing field, while maintaining strong standards. 

“As one of the UK’s oldest mutuals, with a 176-year history, we bring deep experience, but we are also a modern-mutual with clear ambitions. That balance positions us to have a significant impact on the future of our industry and for the people who value what mutuals stand for.”