New Bank Start-Up Unit

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This page was produced before the UK’s withdrawal from the EU. The UK has now entered into a transition period, due to end on 31 December 2020, during which EU law will continue to apply. We will update this page at a later date, as appropriate, to reflect the legal and regulatory framework applicable at the end of the transition period.

Overview

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 banks, and that are seeking authorisation from the PRA as a third country branch, should refer to the dedicated webpages for information on the authorisation of EEA banks and insurers and the temporary permissions regime.

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 guide

PRA and FCA held the NBSU seminar on Tuesday 15 October 2019 – 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.

Thinking about becoming a new bank?

The Early Stages section goes through the basics, including whether setting up a bank is the right thing for you, and what the alternatives might be.

Thinking about becoming a new bank?

What do you need to do to get started?

If you decide that you want to become a bank, you may find the Pre-application section helpful. It includes details of the pre application meetings which, in our experience, have been helpful to both sides as we share our expectations and you can work out what this means for you and your resources.

What do you need to do to get started?

What happens when you apply to become a bank?

You can look ahead to find out what happens when you apply to become a new bank in the Application section. The application section includes information about what we will assess, and how long it could take to give you a decision. It also takes you to an optional stage in the process, called mobilisation.

What happens when you apply to become a new bank?

How can you build out your bank with confidence?

The Mobilisation section sets out how you can build out your new bank with confidence. Based on our discussions with you, we may authorise you while you secure further investment, staff and IT, for instance.

How can you build out your new bank with confidence?

What's life like as a new bank in the United Kingdom?

When you’re fully authorised, you’ll want to know more about what regulatory life is like as a new bank in the United Kingdom. What can you expect in the early days of being supervised, and in subsequent years? Answers to these, and other questions, are set out in the After authorisation section.

What's life like as a new bank in the UK?

Prudential regulation

Financial Conduct Authority

You can find all the forms you need to complete on the New firm authorisations page.

Before you submit your application, you should review it to check you have provided adequate responses to all questions and enclosed any supporting documents. We also strongly recommend that you address all the issues and actions we have identified with you during the pre-application stage before you submit your application.

It is important to always be open and honest with us as the success of your application will be affected if we find you have deliberately withheld information or provided false or incomplete facts. You should also provide us with any other information that you think we should be aware of. If you are in doubt about anything, then please disclose it. If the information you provide is inaccurate, or incomplete, this will delay your application.

Contact us

If you have any queries about becoming a new bank email us: NewBankStartupUnit@bankofengland.co.uk (we are available on email from 9am - 5pm) or call 020 3461 8100 (10am - 12noon).

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New Bank Start-up Unit

Overview