The New Bank Start-up Unit is a joint initiative from the PRA and the 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 in the Temporary permissions regime (TPR) that are seeking authorisation from the PRA as a third country branch, should refer to the dedicated TPR page for further information.
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:
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’
New Bank Start-up Unit seminar
PRA and FCA held the NBSU seminar on Tuesday 15 October 2019 – please find the slides below under Seminar slides.
Thinking about becoming a new bank?
Early stagesThe 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.
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 happens when you apply to become a bank?
ApplicationYou 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.
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.
What's life like as a new bank in the United Kingdom?
After authorisationWhen 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.
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.