UK:
NEWSFLASH: Financial Regulators Launch New Bank Start-Up Unit
05 February 2016
Wedlake Bell
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From novel methods of banking to crowd funding, peer-to-peer
lending and fund administration, fintech is growing ever more
important in our increasingly e-connected world.
To assist, support and encourage new start up banks breaking
into the market the PRA and FCA have launched their joint New Bank
Start-up Unit.1 The particular objective is to support
those new entrants in navigating the early days of authorisation.
This joint-initiative will offer information, support and careful
supervision and guidance during the early years of authorisation.
The Unit aims to reduce entry barriers to the market for
prospective banks as new banks utilising fintech are key to
bringing innovation, competition and diversity to the banking
sector.
The Unit promises a fresh approach to regulation, intended to
nurture and support these start-ups, providing regular regulatory
updates and capital and liquidity review (where appropriate) in a
different manner to the usual approach of regulatory
submissions.
Footnotes
1
https://www.fca.org.uk/news/new-bank-startup-unit-launched-by-the-financial-regulators
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