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<p>The information requested on the number of new entrant banks offering finance for
small and medium-sized enterprises is not held by the Treasury. Responsibility for
the authorisation of new banks rests with the Prudential Regulation Authority (PRA).
The PRA’s Annual Competition Report for 2017 states that since its formation in April
2013, the PRA has authorised 25 new banks in total. The report can be found at http://www.bankofengland.co.uk/publications/Documents/annualreport/2017/compreport.pdf</p><p>
</p><p>The Government has taken a number of steps to support challenger banks. This
includes: supporting the PRA and FCA to set up the New Bank Start-up Unit to help
prospective new banks enter the market and through the early days of authorisation;
establishing competition objectives for the FCA and PRA; and launching the finance
platforms scheme to help small businesses whose finance applications have been declined
by their bank explore alternative finance options, including challenger banks.</p>
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