PwC supports a challenger bank as it works through its FCA authorisation application

A bank asked for help from PwC’s Financial Services Risk and Regulation team as it applied for authorisation from the Financial Conduct Authority (FCA). The bank needed to submit a significant number of consumer credit applications to the FCA for its regulated activities; it also needed help in consolidating some of its application landing slots, as well as support in creating its Regulatory Business Plan (RBP).

How did we add value? How did we get the Client ready for change?

PwC worked with the bank’s consumer credit project team to help them develop their application and the supporting documentation that was needed to gain full authorisation from the FCA. Our team was able to answer the bank’s queries along the way, in areas such as second charge mortgages and the Consumer Credit Act, giving them comfort that they were meeting all the requirements for the authorisation. We reviewed their RPB and provided feedback throughout the project both on the Plan and on its applications, before they were submitted to the FCA.

How did we help the client stand out for the right reasons?

The client was extremely happy with the assistance we provided throughout the project and at the end of the process, felt comfortable with the supporting documentation they submitted.  The FCA’s feedback was minimal and the bank is now waiting for final approval for its full licence.

We have continued to work with the bank since the success of this first project and we can see the relationship getting stronger in the future. Our FSRR team is currently working with them on a range of regulatory advice. 

Contact us

David Roper

Midlands Financial Services Leader, PwC United Kingdom

Tel: +44 (0) 121 265 5428

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