The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have announced the first cohort of banks and building societies to join their joint Scale-up Unit. The initiative, launched last year, aims to support fast-growing financial firms through tailored regulatory assistance. Six institutions—Allica Bank, ClearBank, Monument Bank, Nottingham Building Society, OakNorth Bank, and Zopa Bank—have been accepted. The unit will provide guidance on product development, market expansion, and regulatory compliance. PRA and FCA officials will engage with firms individually and collectively to refine regulatory processes. The regulators plan to accept a second cohort later this year and will also consider ongoing requests from smaller insurers. The Scale-up Unit complements existing frameworks like the Regulatory Sandbox and Early and High Growth Oversight function, aligning with broader reforms to streamline financial services regulation.
© Governor and Company of the Bank of England.
Summary adapted from the Bank of England website (https://www.bankofengland.co.uk ).
https://www.bankofengland.co.uk/news/2026/february/regulators-announce-first-firms-to-join-scale-up-unit
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