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.
Firms that are EEA insurers, and that are seeking authorisation from the PRA as a third country branch, should refer to the ‘EEA bank and insurer branches’ section of the New firm authorisation webpage. The webpage also includes a section on the pre-application stage.
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: