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12 banking licence applications approved in 10 months

Tom Belger | 07:30 Wednesday 7th February 2018

Between 1st March 2017 and 31st December 2017, 12 banking licence applications were approved by the PRA.

The number of approvals over the 10-month period in 2017 surpassed the number achieved during the full 2016/17 financial year (eight).

The information was provided following a freedom of information request submitted by Specialist Banking.

The PRA also revealed that four applications were made between 1st March 2017 and 31st December 2017.

In its most recent annual report (1st March 2016 to 1st March 2017), the PRA said the average waiting time for authorisation of PRA-regulated activities was 275 days.

It also said it held 37 pre-application meetings with more than 25 prospective banks.

During 2017, CivilisedBank, PCF Bank and Starling Bank were among those who secured banking licences.

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