The FCA has published guidelines on the banking authorisation process, together with an explanatory webpage and the attached diagram, to assist applicant firms seeking to establish themselves as banks in the UK.
Under the dual-regulation system in place for banks since 1 April 2013, such applications are to be made to the PRA and will be assessed in collaboration with the FCA. The PRA's website also contains separate guidance regarding its approach to the authorisation process.
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Of Counsel, London
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