How banks are authorised in the UK
In the UK, responsibility for authorising new banks is split between the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). This article looks at the authorisation process for banks in the UK. It explains the roles and responsibilities of regulators in authorising banks and outlines the process that a firm goes through when it wants to set up a bank. Forty-six new banks have been authorised by the PRA and the FCA since April 2013.