Britain’s financial regulators Prudential Regulation Authority and Financial Conduct Authority have jointly set up a new bank unit to support newly authorised banks or start-ups.
The new unit will provide information and material start-ups require to navigate the launching process, and will offer access to supervisory resource during the initial years of authorisation.
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The unit will also provide the new banks named case officers during the authorisation process, access to a helpline, regular capital and liquidity reviews when necessary, monthly regulatory update emails, as well as invitations to seminars and events.
Prudential Regulation Authority CEO Andrew Bailey said: "The New Bank Start-Up Unit builds on the work we have already done to reduce the barriers to entry for prospective banks, which has led to twelve new banks now authorised since April 2013. These new banks are a key part of bringing innovation to the sector, particularly where there is a gap in the market – whether it is the service they provide, the customers they target, the products they sell or the technology they use.
"With the launch of the New Bank Start-up Unit, applicants will now benefit from having a single place where they can get the advice and guidance they need to start a new bank and support once they are authorised."
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