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The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have announced the first group of banks and building societies selected to participate in their joint Scale-up Unit, an initiative aimed at supporting high-growth financial firms in the UK.
The Scale-up Unit, introduced last year as part of the UK government’s wider growth strategy, is designed to strengthen engagement between regulators and fast-growing, innovative firms. Its focus is to provide tailored, hands-on support that helps firms scale sustainably while navigating an increasingly complex regulatory environment.
Six institutions have been accepted into the inaugural cohort: Allica Bank, ClearBank, Monument Bank, Nottingham Building Society, OakNorth Bank and Zopa Bank.
Each firm will receive bespoke regulatory support to assist with product development, customer expansion and entry into new markets, as well as guidance to manage regulatory requirements as they grow at pace.
Commenting on the announcement, Allica Bank CEO Richard Davies said the bank welcomed its inclusion in the first cohort, noting that it had long advocated for a dedicated regulatory unit to support scaling firms. He said the Scale-up Unit should provide greater capital certainty and regulatory clarity, enabling banks like Allica to increase lending to established SMEs that underpin the UK’s real economy.
Under the programme, PRA and FCA officials will engage directly with participating firms, both collectively and on an individual basis, over the coming months.
Charlotte Gerken, Executive Director for UK Deposit Takers at the PRA, described the launch of the first cohort as a significant milestone. She said it demonstrated the regulators’ commitment to supporting sustainable growth that benefits both the financial services sector and the wider economy.
Gerken added that the regulators plan to invite expressions of interest for a second cohort later in the year, with further details to be announced in due course.
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