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

New Bank Start-up Unit - Initial meeting

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

The initial meeting gives you an opportunity to discuss your plans with us and for us to understand them. It will also allow us to highlight any areas we consider you will need to address before you can move further through the pre-application stage. You will also have the opportunity to ask us questions about the authorisation process.

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

What do you need to know and do?

In advance of the initial meeting we will ask you to prepare a high-level summary in the form of a draft business proposition. This should not be a 'sales pitch' that might be used with potential investors, and, as a minimum, this should contain the following:

  • an explanation of why you want to be a bank; and
  • your initial business proposition and strategy including:
    • business plan – what products you will be offering, how you will offer them and your target market;
    • sources of funding – how you propose to fund the business and whether you have any investors and/or funding in place;
    • owner and controllers – details of proposed owners and controllers, as far as they are known;
    • corporate governance – details of structure, board, senior management and governance arrangements, as far as they are known; and
    • project plan - an overview and timeline of your plan to set up the new bank.

The application forms and the supporting notes are a helpful resource when preparing your business proposition.

What needs to happen before the meeting?

Please send us materials for discussion 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 initial meeting, you can expect to meet staff from the New Bank Start-up Unit, who will explain the application process (including our expectations) and the materials and information required from you if you progress to the next stage.
 

What is mobilisation and is it right for you?

During the initial meeting we will discuss the mobilisation option and start to assess whether it is suitable for you. Mobilisation sees a new bank authorised earlier in the process so that it can secure further investment, recruit staff, invest in IT systems and commit to third-party suppliers with the certainty of being authorised. In return, the regulators limit the amount of business the new bank can undertake until it is fully operational. In essence, the new bank, having been authorised, mobilises itself to become fully operational.

See the Mobilisation stage for more information.
 

What are the next steps?

 

At the end of the initial meeting, we will discuss the actions you will need to complete to take your application 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 proposition and incorporate responses to our feedback into the next version.

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




Didn't find the information you were looking for on this page? Email us.