PRA AND FCA ANNOUNCE FIRST FIRMS IN JOINT SCALE-UP UNIT

The Prudential Regulation Authority and the Financial Conduct Authority have announced the first cohort of banks and building societies selected to participate in their joint Scale-up Unit. The unit was established jointly by the two regulators to support growing financial institutions. Both the PRA and FCA confirmed the selected firms will benefit directly from the initiative. The announcement marks the first time the Scale-up Unit has admitted members since its creation.

The Scale-up Unit is a joint programme run by the PRA and FCA designed to assist banks and building societies at a growth stage in their development. The initiative reflects a coordinated effort between the two regulators to engage with firms that are expanding in scale. The PRA operates as the prudential regulator for banks, building societies, and insurers in the United Kingdom. The FCA regulates the conduct of financial services firms and oversees consumer protection across financial markets.

The launch of the first cohort represents a confirmed operational milestone for the Scale-up Unit following its establishment. Both the PRA and FCA now have firms actively enrolled in the programme. The unit is intended to provide regulatory engagement tailored to the specific circumstances of scaling financial institutions. The involvement of both regulators signals a joined-up approach to supervising growth-stage firms within the UK financial sector.