How Banks Are Authorised in the UK

12 Pages Posted: 25 Sep 2019

See all articles by Stephen Senior

Stephen Senior

Bank of England

John Cunningham

Bank of England

Darren Norris

Bank of England

Ged Thompson

Financial Conduct Authority

Date Written: September 20, 2019

Abstract

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.

Suggested Citation

Senior, Stephen and Cunningham, John and Norris, Darren and Thompson, Ged, How Banks Are Authorised in the UK (September 20, 2019). Bank of England Quarterly Bulletin 2019 Q3. Available at SSRN: https://ssrn.com/abstract=3458814

Stephen Senior (Contact Author)

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

John Cunningham

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

Darren Norris

Bank of England ( email )

Threadneedle Street
London, EC2R 8AH
United Kingdom

Ged Thompson

Financial Conduct Authority ( email )

25 The North Colonnade
Canary Wharf
London, E14 5HS
United Kingdom

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