These changes were designed to reduce the barriers to entry and expansion in the banking sector and enable increased competitive challenge to existing banks.
On 7 July 2014, the Prudential Regulation Authority (PRA) and FCA published a joint report which includes an update on progress in implementing these changes since their inception in April 2013, and clarifies some issues that have arisen following the original review. Feedback from applicant firms, recently authorised firms and key stakeholders is reflected in this report.
The reports will be of primary interest to UK-incorporated firms that are considering applying to become retail banks.
Published on
07 July 2014
A review of requirements 7 July 2014