The New Bank Start-up Unit is a joint initiative from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
Any firm that wants to be a bank (which means carrying on the regulated activity of accepting deposits) must be authorised to do this by the PRA. The PRA will only agree to authorise a firm if the FCA is also content for it to be authorised.
Download our guide to becoming a bank in the UK for everything you need to know about starting a new bank, from the pre-application phase to life after authorisation:
New Bank Start-up Unit seminar
PRA and FCA held the NBSU seminar on 19 February 2018 – please find the slides below under Seminar slides.
Update 28 March: Alongside the Bank’s News Release, we published:
- A letter from Sam Woods, Deputy Governor for Prudential Regulation and PRA CEO, on ‘Firms’ preparations for the UK’s withdrawal from the European Union: update following March 2018 European Council’
- Policy Statement 3/18 and Supervisory Statement 1/18 ‘International banks: the Prudential Regulation Authority’s approach to branch authorisation and supervision’
- Policy Statement 4/18 and Supervisory Statement 2/18 ‘International insurers: the Prudential Regulation Authority’s approach to branch authorisation and supervision’
Information on the authorisation process, including how to apply, can be found on the New firm authorisations page.