Following a freedom of information request submitted by Bridging & Commercial, it was revealed that in total, eight firms made applications to the Prudential Regulation Authority (PRA) for banking licences during this period.
Of these, six have had their applications approved by the PRA with two withdrawing their applications.
Since taking over the responsibility of approving banking licences from the Financial Services Authority in April 2013, the PRA has yet to reject or refuse a firm’s banking licence application.
Between March 2015 and February 2016, five firms received approval, the same number of firms who received approval between March 2014 to February 2015 and April 2013 to February 2014.
Not all applications received by the PRA are concluded in the same financial year.
Examples of firms who have recently received a banking licence include mobile bank Monzo, which was granted approval in August.
Starling Bank was also granted a licence from the PRA as it looks to launch in the new year, while in April Masthaven Bank was granted its banking licence.
Last month, Amicus Finance became the latest firm to submit a banking licence application to the PRA as it looks to fund its long-term growth objectives.
Leave a comment