How Banks Are Authorised in the UK
12 Pages Posted: 25 Sep 2019
Date Written: September 20, 2019
In line with its financial stability and competition objectives the Bank of England has been, and will remain, supportive of firms wishing to become banks and enter the UK banking sector.
The UK’s approach to authorising banks aims to strike an appropriate balance between ensuring robust control around the creation of new banks and not being so burdensome that it discourages suitably qualified firms from entering the market.
Forty-six new banks have been authorised by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) since April 2013.
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