IT RISK Whitepaper


Since 2010, the banking market in the United Kingdom has been opened up and the process of becoming a bank streamlined.

From Metro Bank being the first new high street bank in over a 100 years to the tens of banks currently in the application process, the new bank ecosystem is growing rapidly and is a dynamic part of the financial services industry.

Aimed at the executive leadership of applicant firms and practitioners interested in this space, our New Banks Poster summarises the key steps in the regulatory authorisation journey, what to watch out for and who to contact if you wish to set up a bank in the UK. This is the first in a series of Avantage Reply posters on risk and regulatory topics.

If you wish to order large prints or placemats of this poster, please reach out to .

You will need to carefully assess if you need to be a bank in the UK to execute your proposed strategy. You will need to articulate your vision in a summary manner and initial dialogue with the PRA/FCA. This will give you an introductory idea of their expectations and requirements.

You will be required to submit a High Level Summary (HLS) (if not developed in the Early Stages phase). Detailed work will need to happen around the Regulatory Business Plan, ICAAP and ILAAP documents, alongside other key analysis.

Once an invitation to apply has been given after a careful review of your application materials, you will submit a formal application. This will be subject to a detailed review and the regulatory interaction will be heightened during this period.

Once a firm is granted an Authorisation With Restrictions (AWR), the firm can commence operations as a bank, subject to defined limitations (e.g. an aggregate limit of £50,000 for retail deposits till fully authorised).

Once all mobilisation conditions are satisfied, you will become a fully authorised bank in the UK. You will be subject to on-going reviews and scrutiny in a defined manner.

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    Avantage Reply

    Avantage Reply is a pan-European Financials Services (FS) management consulting firm, delivering change initiatives in Risk, Compliance, Finance and Operations. Avantage Reply has operations in Amsterdam, Brussels, Frankfurt, Lisbon, London, Luxembourg, Milan, Munich, Paris, Rome and Turin. Our consultants advise on and deliver pragmatic solutions, supported by comprehensively tested analytical techniques using proprietary solutions, methodologies and prototypes. Being part of the Reply Group, Avantage Reply successfully leverages on the group’s technology competencies to deliver on client engagements. More details at