British banking major RBS has submitted the banking licence application to the UK regulators for its spin-off lender Williams & Glyn.
The application to the FCA and PRA, which runs to more than 16,000 pages, contains a variety of proof points, including the business strategy, risk and governance frameworks and financial reporting.
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The move comes as Williams & Glyn, which was spun off from RBS under the terms of 2008 government bail-out, prepares to launch on the high street next year and ahead of an IPO in the fourth quarter of 2016.
RBS chief administrative officer Simon McNamara remarked: "This banking licence application shows our regulators that we’re building a safe and sound bank with robust processes, systems and all the other components needed to earn the licence to operate.
"The application outlines in detail how our customers will be protected and supported as they move into the new Williams & Glyn bank."
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