Six building societies will join the second wave of the Financial Conduct Authority and Prudential Regulation Authority’s scale-up unit.

The scale-up unit launched in October 2025 and helps fast-growing financial services firms better handle regulation during phases of fast expansion.

Cumberland Building Society, Leek Building Society, Market Harborough Building Society, Newcastle Building Society, Principality Building Society and West Bromwich Building Society will take part in the programme over the next 12 months, according to the Building Societies Association (BSA).

Labour laid out plans to double the size of the mutual sector in its most recent manifesto.

BSA chief executive Sarah Harrison said: “It is great to see the regulators recognising the potential of building societies and that growth is not limited to challenger banks. Building societies bring greater diversity to financial services, which supports competition and financial stability.

“The support of both regulators through the scale-up unit is welcome and closely aligned with the government’s ambition to double the size of the mutual sector. We congratulate all six societies and look forward to working with them and the regulators as the programme develops.”