This is actually related to a very deliberate initiative from the Bank of England to make becoming a bank easier. https://www.bankofengland.co.uk/prudential-re

This is actually related to a very deliberate initiative from the Bank of England to make becoming a bank easier. https://www.bankofengland.co.uk/prudential-regulation/new-bank-start-up-unit https://www.bankofengland.co.uk/prudential-regulation/new-ba... They recognized that it was basically impossible to enter the industry at one point and its been stifling competition for a very long time.