Banks

Treasury written question – answered on 9th July 2014.

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Photo of Mark Hoban Mark Hoban Conservative, Fareham

To ask the Chancellor of the Exchequer

(1) if he will publish a list of each application for the change of control of a bank made in the last four years;

(2) when his Department last conducted a review of the process of granting authorisation for (a) banks and (b) insurance companies;

(3) where each company seeking authorisation as a bank was located when the application was made in each of the last four years; and when each such application was determined.

Photo of Andrea Leadsom Andrea Leadsom The Economic Secretary to the Treasury

The publication of details and statistics on new bank authorisations, and changes of control are matters for the independent financial regulators: the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA).

The PRA and FCA published a Review of the authorisation process as part of ‘A review of requirements for firms entering into or expanding in the banking sector: one year on’, on 7 July 2014. This followed an earlier review of barriers to entry published in March 2013.

The PRA published its Annual Report and Accounts 2014 in June, which included details of the number of banks and insurance firms authorised between 1 April 2013 and 28 February 2014. The PRA has committed to publish authorisation statistics on an annual basis.

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