Obtaining a banking license in the UK offers a world
of opportunities and advantages, but securing one is no mean feat. The process
involves rigorous scrutiny by the Prudential Regulation Authority (PRA) and the
Financial Conduct Authority (FCA), and applying banks must demonstrate
financial stability, robust risk management , and a sustainable business model.
The application process also entails detailed documentation, business plans,
and a comprehensive assessment of key personnel and stakeholders.
And even after all that, upon approval, the
institution must continue to meet regulatory standards, ensuring a resilient
and trustworthy presence in the dynamic landscape of the UK financial sector.
As CEO of Conister
Bank, I however, have just overseen the process of seeing Conister awarded just
such a license.
Obtaining PRA authorization for our UK branch to
accept deposits not only serves as validation of our growth strategy by both
our principal regulator and the UK regulators, it also fosters trust and
credibility for our customers, current and future. While it isn’t an easy thing
to achieve, we believe that the advantages are so great, it’s an effort
worthwhile. These are all advantages that a bank with a UK license can benefit
from.
Revolut names new UK boss as it waits for British banking licence https://t.co/eSoPzTsHCn
— Financial Times (@FT) November 2, 2023
