New firm authorisation

New firms wishing to become a bank, credit union, insurer or managing agent of a Lloyd’s syndicate need to apply to the Prudential Regulation Authority (PRA) for permission first.

In this section

Overview 

All new firms seeking authorisation to become a bank, credit union, insurer (general or life) or managing agent of a Lloyd’s syndicate must apply to the Prudential Regulation Authority (PRA).

A list of the regulated activities specific to firms that we authorise and regulate is available in the Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013.

Firms seeking authorisation to carry out any other activities should apply to the Financial Conduct Authority (FCA).

The authorisation process

Banks

For further information on how to apply to become a bank and the process, please refer to the New Banks Start-Up Unit webpage 

Insurers 

For further information on how to apply to become an insurer and the process, please refer to the New Insurers Start-Up Unit webpage

Credit unions

We have specific requirements for credit union applicants’ business plans, which are set out in Credit union authorisation: supporting documents. 

Please see below the credit union application forms: 

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This page was last updated 13 March 2026