Cut in capital requirements opens door for new UK banks

City of London

A move to cut capital and liquidity requirements for start-up banks in the UK is spurring competition in the country's financial sector, according to the two bodies charged with regulating it.

The Prudential Regulation Authority, the micro-prudential regulator and a Bank of England subsidiary, said measures introduced last year to reduce barriers of entry for new banks led to a "substantial increase in the number of firms discussing the possibility of becoming a bank".

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