Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, when his Department last conducted a review of the process of granting authorisation for (a) banks and (b) insurance companies.

The publication of details and statistics on new bank authorisations, and changes of control are matters for the independent financial regulators: the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA).

The PRA and FCA published a Review of the authorisation process as part of A review of requirements for firms entering into or expanding in the banking sector: one year on, on 7 July 2014. This followed an earlier review of barriers to entry published in March 2013.

The PRA published its Annual Report and Accounts 2014 in June, which included details of the number of banks and insurance firms authorised between 1 April 2013 and 28 February 2014. The PRA has committed to publish authorisation statistics on an annual basis.