Decisions on applications to become a bank from 1 April 2013 to 31 December 2020

Freedom of Information rules mean that, as a public authority, the Bank of England is obliged to disclose certain types of information, both proactively and on request.

Date: 5 February 2021

Disclosure:

Prior to 1 April 2013 applications to become a bank were processed by the Financial Services Authority (‘FSA’). The information provided below is for the Prudential Regulation Authority’s (‘PRA’s') financial years to end-February 2020 and up to 31 December 2020 for the current year.

Not all applications received are concluded in the same financial year. When the PRA came into existence in 2013 there were a number of applications that had been received by the FSA prior to 1 April 2013 where a decision was reached post 1 April 2013. These decisions are incorporated in the data provided below:

1/4/13 to 28/2/13

1/3/14 to 28/2/15

1/3/15 to 29/2/16

1/3/16 to 28/2/17

1/3/17 to 28/2/18

1/3/18 to 28/2/19

1/3/19 to 29/2/20

1/3/20 to 31/12/20

Applications

6

6

9

13

11

10

11

11

Rejected/ Refused

0

0

0

0

0

0

0

0

Approved

5

5

5

8

14

4

9

4

Withdrawn

4

1

1

2

1

2

4

8

The PRA’s Annual Report includes information on the number of banks as well as the number of other types of firms that have been authorised by the PRA during the financial year.

A previous related request for this information was published 6 June 2019 and a further related request for this information was published on 3 December 2019.

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