Another 20 banks are in talks with the Bank of England about receiving a licence to launch in Britain, as the wave of new competition in the industry shows no signs of slowing down. Officials have approved 14 new banks since 2013 when the regulatory regime was loosened, on top of earlier lenders such as Metro Bank which launched in 2010 and has become the poster child for the movement to take on the big banks. Currently six banks are part-way through the process of applying for a licence, while another 14 have held pre-application talks with the Prudential Regulation Authority, the unit which handles the process and gives out licences.
Twenty more banks are in discussions with the Bank of England about receiving a licence to launch in the UK. Regulators have approved 14 new banks since 2010 when rules were changed to encourage competition in the retail sector.