Allica Bank joins new Scale-Up Unit to support SME lending growth
The Scale-Up Unit will give Allica Bank extra regulatory support, including help with capital reviews and launching new products.
Allica Bank has been chosen to join the new Scale-Up Unit set up by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA).
The unit is a Government initiative aimed at helping fast-growing financial services firms tackle regulatory hurdles as they expand.
The Scale-Up Unit will give Allica Bank extra regulatory support, including help with capital reviews and launching new products.
The bank will also be able to share its views on policy plans affecting challenger banks as they grow in the market.
Richard Davies, CEO at Allica Bank, said: “Allica are delighted to be included in the initial Scale-up Unit cohort, having led the call for a dedicated regulatory unit to support firms as they scale.
“The Unit should provide banks like Allica with more capital certainty and more regulatory support to boost lending to the established SMEs that power the UK’s real economy.
“Done well, the Scale-up Unit can support the government’s objective to make the UK the location of choice for financial services firms to invest, innovate and grow.”
Related
British Business Bank increases Tier 2 capital facility with Allica Bank by £15m
FCA and PRA widen Scale-up Unit access for building societies
Broadstone launches affordability health check for lenders
Paragon SME Lending cuts credit decision times on asset finance deals
More than one in 20 financial services complaints take over eight weeks to resolve, Huntswood finds
FCA expands Scale-up Unit support to five fast-growing financial firms
Allica Bank temporarily scraps arrangement fees on borrowing over £750k
FLA urges Healey to reform consumer credit rules to unlock investment
FCA proposals highlight need for holistic advice in later life lending, says Key
Allica Bank cuts BTL rates, expands lending criteria for commercial and expat borrowers
Squire Patton Boggs urges firms to prepare for FCA non-financial misconduct rules
