Banks, credit unions and insurance firms are regulated by both the PRA and the FCA. Find out the details here.
Firms that carry out activities that are PRA regulated activities are authorised by the Prudential Regulatory Authority (PRA) and regulated by both the PRA and the FCA. These firms include banks, building societies, insurers and credit unions. We regulate their business conduct (the way they treat their customers) and the PRA regulates their prudential requirements, such as capital and liquidity.
The PRA is the lead regulator in authorising these firms, but a firm cannot be authorised unless the FCA gives its consent to the PRA. Consequently the regulators work closely throughout the authorisation process at all stages.
See the PRA's information on new firm authorisation.
In particular, if you’re thinking of setting up a new bank you should contact the New Bank Start Up Unit.
The FCA and the PRA have introduced new measures to increase individual accountability at the most senior level in the firms they both regulate.