On 20 January the PRA and FCA published a guide to its New Bank Start-up Unit; a joint initiative giving information and support to newly authorised banks and those thinking of becoming a new bank in the UK.
The Unit will draw staff from the PRA and the FCA, and will provide new banks with the information and materials they need to navigate the process to become a new bank, as well as focused supervisory resource during the early years of authorisation.
New banks will benefit from:
- Access to the New Bank Start-up Unit helpline.
- Access to supervisors at both the PRA and the FCA via the helpline.
- Regular capital and liquidity reviews, if appropriate.
- Monthly regulatory update emails.
- Invitations to seminars targeted at new and prospective banks and separately banks’ senior management and NEDs.
- Invitations to events, alongside other firms, on key regulatory conduct topics.
The PRA has also published a webpage setting out the five key stages to becoming an authorised bank.