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The Building Societies Association surveyed its members to better understand the burden they felt from current and forthcoming regulation. This report summarises the responses and where possible, comparison are made with previous surveys conducted in 2016 and 2020.

 

The cost of compliance is considerably higher for smaller societies than for larger societies

 

For small societies:

 

In 2016 compliance costs averaged around £450 per million pounds of assets, compared to £644 per million pounds of assets in 2026

 

For the largest societies:

 

In 2016 compliance costs averaged around £45 per million pounds of assets compared to £56 per million pounds of assets in 2026.

 

Regulatory reporting is the biggest burden on 扒哥黑料

 

Reporting is complex, costly, and often inefficient. Excessive reporting requirements, duplication, inconsistency across reporting templates and unclear guidance are repeated concerns. Members report an increase in regulatory engagement and requirements, layering of rules over many years, and increasing assurance and oversight expectations. This growth in regulatory volume and complexity over time has a significant impact on operating costs and reduces innovation. 

 

Proportionality continues to be key, particularly for firms that do not represent a material risk to the system. We welcome efforts to consolidate and streamline processes, and reduce reporting. Clearer guidance would be helpful to reduce complexity.