PRA collects £100,000 from firms applying to be new banks

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PRA collects £100,000 from firms applying to be new banks

Jordan Williams | 14:15 Monday 23rd October 2017 | 9

The PRA collected £100,000 during the last tax year (6th April 2016 to 5th April 2017) from firms applying to be new banks on a cost recovery basis.

The figure was revealed by the Bank of England following a freedom of information request by Specialist Banking.

The application charge for new banks included fees payable to both the PRA and FCA, and the sum quoted (50% of the total) was the amount payable to the PRA.

This figure didn't cover the full set of applications for the period as some of the applications fell under the remit of the Bank's structural reform programme.

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The cost of dealing with these applications were caught by the ring-fencing implementation fee payable by firms that were already authorised, but were ring-fencing their core activities in line with the Banking Reform Act 2013.

Back in February, Bridging & Commercial reported that 13 banking licence applications had been submitted to the regulator since 1^st January 2016.

CivilisedBank received its banking licence in May this year.

PRA collects £100,000 from firms applying to be new banks

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