UK Regulators Announce First Cohort of Firms for Joint Scale-Up Unit

The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have revealed the first cohort of banks and building societies accepted into their joint Scale-up Unit. First introduced last year, the initiative is designed to build closer relationships with fast-growing and innovative financial institutions, providing them with tailored regulatory support to expand sustainably. The six firms selected for the initial cohort are Allica Bank, ClearBank, Monument Bank, Nottingham Building Society, OakNorth Bank, and Zopa Bank. These institutions will receive regulatory assistance as they scale operations, introduce new products, acquire customers, and expand into new markets. Throughout the coming months, officials from the PRA and FCA will meet with the cohort participants individually and collectively. In addition to aiding the firms, the meetings are intended to give regulators deeper insight into how scaling institutions experience the supervisory process, helping authorities refine regulatory frameworks across the broader financial services sector. Commenting on the milestone, Charlotte Gerken, Executive Director for UK Deposit Takers at the PRA, noted that welcoming the inaugural cohort highlights the regulator's commitment to sustainable firm growth that benefits the financial services industry and the broader economy. Jessica Rusu, Chief Data, Information and Intelligence Officer at the FCA, added that the joint unit helps firms successfully transition from start-ups to scale-ups while advancing UK competitiveness. The regulators announced plans to open expressions of interest for a second cohort of firms later this year. The Scale-up Unit is also accepting support requests from smaller, high-growth insurers on a continuous basis. Furthermore, the FCA plans to expand the initiative in the spring by opening expressions of interest for a solo-regulated cohort to assist firms across a wider spectrum of financial sectors.