The FINANCIAL — On 30 September RBS submitted the banking licence application to the UK regulators for Williams & Glyn – an important step forward in building the new bank.
The licence contains a variety of proof points, including the business strategy, risk and governance frameworks and financial reporting. It also demonstrates that our systems and processes are fit for purpose and shows a clear and safe journey for customers. The application to the FCA and PRA equates to a substantial amount of evidence – running to around 16,000 pages, according to RBS.
This comes as Williams & Glyn prepares to launch on the high street next year and ahead of an IPO in Q4 2016.
Simon McNamara, Chief Administrative Officer, RBS said:
“This banking licence application shows our regulators that we’re building a safe and sound bank with robust processes, systems and all the other components needed to earn the licence to operate. The application outlines in detail how our customers will be protected and supported as they move into the new Williams & Glyn bank.”
Jim Brown, Chief Executive for Williams & Glyn added:
“This is an important moment for us. Bringing together our banking licence application over the last few months has required huge effort and dedication. This application demonstrates how we’ll create an exciting retail and commercial bank for customers here in the UK.”