The PRA and FCA have launched a new bank start-up unit. The unit is a joint initiative from the UK’s financial regulators giving information and support to newly authorised banks and those thinking of becoming a new bank in the UK.
New banks will benefit from:
- access to the new bank start-up unit helpline;
- regular capital and liquidity reviews, if appropriate;
- monthly regulatory update emails; and
- invitations to seminars targeted at new and prospective banks and separately banks’ senior management and non-executive directors.
A newly published guide contains five sections with useful information for firms considering setting up a bank. The five sections cover:
- early stages – thinking about becoming a bank? This section goes back to basics and includes information on whether setting up a bank is the right thing for the firm and what the alternatives might be;
- pre-application – what do you need to do to get started? This section includes details of the pre-application meetings which, in the regulators’ experience, have been helpful as expectations are shared and the firm can work out what this means for its resources;
- application – what happens when you apply to become a bank? This section provides information about what the regulators will assess, and how long it could take for them to make a decision;
- mobilisation – how can you build out your bank with confidence? This section discusses the optional stage in the authorisation process called mobilisation; and
- after authorisation – what’s life like as a new bank in the UK? This section discusses what regulatory life is like for a new bank in the UK.
View New bank start-up unit, 20 January 2016
View New bank start-up unit launched by the financial regulators, 20 January 2016
