Banks: Regulation

Treasury written question – answered on 4th March 2014.

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Photo of Cathy Jamieson Cathy Jamieson Shadow Minister (Treasury)

To ask the Chancellor of the Exchequer what assessment he has made of the adequacy of the timescales in which the Financial Conduct Authority considers applications for potential new entrants to the UK banking sector.

Photo of Sajid Javid Sajid Javid The Financial Secretary to the Treasury

The Financial Services Authority published a report in March 2013 detailing changes to reduce barriers to entry and expansion in the banking sector, including an improved authorisation process. These changes have been implemented in full by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA). The Government has asked the PRA and FCA to conduct a follow-up review to evaluate the success of these changes, and the report on this work is due to be published in the coming months.

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