Scaling the summit becoming a new bank

Scaling the summit becoming a new bank

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New Banking Licenses

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 Gaya Saravanabavan.

Carefully assess if becoming a bank in the UK aligns with your proposed strategy. Articulate your vision in a summary manner and initiate dialogue with the PRA/FCA to understand their expectations and requirements.

Submit a High Level Summary (HLS) if not developed in the Early Stages phase. Conduct detailed work on the Regulatory Business Plan, ICAAP, and ILAAP documents, along with other key analyses.

Upon receiving an invitation to apply after a careful review of your materials, submit a formal application. This will undergo detailed review, with heightened regulatory interaction during this period.

Once granted Authorisation With Restrictions (AWR), commence operations as a bank with defined limitations, such as an aggregate limit of £50,000 for retail deposits until fully authorised.

Upon satisfying all mobilisation conditions, become a fully authorised bank in the UK. You will be subject to ongoing reviews and scrutiny in a defined manner.

Avantage Reply

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Avantage Reply is a pan-European Financial 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. Their 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 the group’s technology competencies to deliver on client engagements. More details at www.avantagereply.com.