UK challenger SilverRock lands banking licence with restrictions from PRA following £50m raise
The new bank says it plans to start lending “later this year”.
The new bank says it plans to start lending “later this year”.
The total penalty consists of a £33,880,000 fine from the PRA and a £27,766,200 fine from the FCA.
The licence approval from the FCA and PRA ends the platform’s year-long mobilisation period.
The regulators are accepting feedback and expect to publish final requirements by H2 2024.
The PRA directed the bank last year to instate a CoP system by 31 October 2023.
The US Federal Reserve has fined Credit Suisse $269 million, with the UK’s PRA issuing a further $119 million fine.
LHV is the first company to receive a banking licence without restrictions in the UK in 2023.
The bank has been granted an Authorised with Restrictions (AwR) licence by the UK’s PRA and FCA.
The penalty is the PRA’s highest ever fine in a PRA-only enforcement case.
Alongside a new lending product launch.
Will help firms apply and get authorised for insurtech action.
BoE, PRA and FCA call for feedback from firms and financial market infrastructures.