The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have named the first cohort of banks and building societies accepted into their joint Scale-up Unit, a programme designed to provide tailored regulatory support for fast-growing and innovative firms. The six firms are Allica Bank, ClearBank, Monument Bank, Nottingham Building Society, OakNorth Bank and Zopa Bank. Support will focus on helping participating firms navigate regulatory requirements as they develop new products, attract customers and enter new markets, with PRA and FCA officials meeting firms both collectively and individually over the coming months. The engagement is also intended to improve regulators’ understanding of scaling firms’ experience of the regulatory process, with a view to improving processes across the sector. Expressions of interest for a second cohort are expected later in 2026, with further details to follow, while the Scale-up Unit will also accept requests for support from smaller, fast-growing insurers on an ongoing basis under PRA criteria. Separately, the FCA plans to open expressions of interest in spring 2026 for a new solo-regulated Scale-up cohort spanning a wider range of sectors.
Financial Conduct Authority 2026-02-03
Financial Conduct Authority and Prudential Regulation Authority announce first six firms for joint Scale-up Unit
The Prudential Regulation Authority and Financial Conduct Authority have announced the first cohort of banks and building societies in their Scale-up Unit, aimed at providing regulatory support to fast-growing firms. The program will help firms like Allica Bank and Zopa Bank navigate regulatory requirements, with future cohorts and expanded sector participation expected in 2026.