Bank of England and FCA to join city minister in Rochdale amid plans to streamline regulation and expand expert support

City regulators have announced a package of changes aimed at bolstering growth across the mutuals and co-operatives sector after the Labour government promised to double the size of the £223bn industry.

Top officials from the Financial Conduct Authority (FCA) and the Bank of England will join the city minister, Lucy Rigby, in Rochdale – the birthplace of the UK’s co-operative movement – on Friday to set out plans to streamline regulation, simplify applications and launch a new mutual societies development unit to provide expert advice and support.