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Home > Prudential Regulation Authority > New Bank Start-up Unit > New Bank Start-up Unit - feedback meeting
 

New Bank Start-up Unit - feedback meeting

Pre-application Initial meeting | Feedback meeting | Mobilisation and operational risk meeting | Challenge sessions

Why is the feedback meeting important?

In our experience, after the initial meeting firms’ plans move from the theoretical to the practical. As such the feedback meeting is a key step in the development of your plans. This meeting gives you the opportunity to present your far more developed Business Plan incorporating the feedback from your initial meeting and offers us the opportunity to gain a more detailed understanding of your proposed business model.

On this page you can find out more about the Feedback meeting including:

What do you need to know and do?

Your more developed Business Plan should cover the following points as a minimum:

  • business plan – details of products, delivery channels and target market;
  • business viability – competitive advantage, market research and how your bank will make money;
  • financial resources – financial projections (for five years), capital and liquidity strategy, as appropriate;
  • sources of funding – proposed funding model;
  • owners and controllers – proposed owners and controllers;
  • corporate governance – structure, board, senior management and governance arrangements;
  • risk management – risk management and control framework;
  • customer journey – products, pricing, complaint handling and on-boarding arrangements (including  Anti-Money Laundering/Know Your Customer processes);
  • outsourcing - details of key outsourcing arrangements;
  • IT – IT infrastructure and systems and timescales for implementation and testing;
  • recovery and resolution – recovery plans, if appropriate;
  • policies and procedures – operational and regulatory policies and procedures;
  • business continuity – business continuity plans, if appropriate;
  • scope of permissions – details of the regulated activities you wish to undertake;
  • project plan – project plan for setting up the bank; and
  • Home State Supervisor (HSS), if appropriate – views of your HSS if you are an international bank, including whether the HSS approves of your plans to expand in the United Kingdom.

    You may find the application forms and supporting notes helpful when preparing your Business Plan.

What needs to happen before the meeting?

Please send any materials a minimum of 10 working days before the meeting so that we have time to review them and ensure we have as valuable a discussion as possible. If you cannot meet this deadline, we may have to reschedule the meeting.

What will happen at the meeting?

At the feedback meeting you will meet your case officer from each of the regulators. We will discuss the regulatory implications of your proposals and any issues or concerns that we have. You will also have the opportunity to ask questions or discuss any issues you may have. We may also ask specialists from either regulator to attend the meeting if relevant to your application – we’ll confirm any details in the agenda we send you ahead of the meeting. We will also discuss the materials and information required if you progress to the next stage.

What are the next steps?

At the end of the feedback meeting, we will discuss the actions you will need to complete if you want to progress to the next stage. Within 10 working days of the meeting we will send you our formal feedback in a letter. You should continue to develop your Business Plan and incorporate responses to our feedback into the next version.

To find out more about the pre-application meetings click on the boxes below.




 

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