Tagged: prudential regulatory authority

October 6, 2023 @ 9:01 am By Omar Faridi  |  

Metro Bank (MTRO.L)has had a challenging week. Reports that the UK-based challenger bank had been planning to raise as much as £600 million from investors led to financial regulators asking the bank’s management to have a sit-down meeting. Although shares in the banking institution fell… Read More

February 28, 2023 @ 8:45 am By JD Alois  |  

In a speech on regulations and international competition, Victoria Saporta, Executive Director of Prudential Policy, commented on PRA’s new secondary objective – enabling international competitiveness and growth. PRA, or the Prudential Regulation Authority, is part of the Bank of England and oversees 1500 banks and… Read More

December 22, 2022 @ 2:54 pm By Omar Faridi  |  

Following the news that British lender TSB Bank was fined $48.65m ($59.07m) by the Financial Conduct Authority and the Prudential Regulation Authority over “a botched IT platform migration that left two million customers locked out of their accounts in 2018,” Chris Dinga, Payments Analyst at… Read More

May 17, 2022 @ 10:28 pm By Omar Faridi  |  

Griffin, a UK Banking-as-a-Service (BaaS) Fintech, recently announced the completion of a key step in its application for a banking license. Griffin has submitted its application to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). John Weguelin, Griffin Chair, stated: “This is… Read More

December 24, 2021 @ 8:48 am By Omar Faridi  |  

The UK’s Prudential Regulatory Authority (PRA) has imposed a financial penalty on Metro Bank plc “of £5,376,000 for failing to act with due skill, care and diligence in relation to the regulatory reporting of its capital position and for failings in its regulatory reporting governance,… Read More

August 24, 2021 @ 8:38 am By Omar Faridi  |  

Newly-introduced SME bank, Recognise Bank, reveals that it has acquired £14 million in funding, which includes a recent investment from one of its existing shareholders. The capital injection means that Recognise Bank has now satisfied the financial requirements established by the PRA (Prudential Regulation Authority),… Read More

May 1, 2021 @ 7:16 pm By Omar Faridi  |  

The Prudential Regulation Authority (PRA), a United Kingdom financial services regulatory body that’s responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers, and major investment firms, has released a discussion paper that looks into developing a simpler and resilient prudential… Read More

October 2, 2020 @ 5:24 am By Omar Faridi  |  

Distribution Finance Capital (DF Capital), a lender that provides various working capital solutions to UK based businesses, has reportedly been granted a full banking license from the Prudential Regulation Authority (PRA). The company is planning to launch a new digital bank, which will focus on… Read More