CFM14070 - Understanding corporate finance: the legal and regulatory framework: regulated entities: banks: list of recognised banks

A list of companies or other entities that are recognised as banks is maintained by the .

Two main classes of institution qualify:

A person who has permission from the PRA, under Part 4 of Financial Services and Markets Act 2000 (鈥楩SMA 2000鈥�), to carry on a regulated activity of accepting deposits (with exceptions set out in FSMA 2000)

EEA credit institutions with 鈥榩assport rights鈥�. When a firm sets up a branch in the UK, the regulatory authority in its home state sends a consent notice to the PRA. The PRA then authorises the firm (under paragraph 15 Schedule 3 FSMA 2000) to accept deposits in the UK through that branch.

CTA10/S1120 and ITA07/S991 also allow a relevant international organisation - defined as an international organisation of which the UK is a member - to be designated as a bank by Treasury order. SI1996/1179 designated the European Investment Bank.

In addition, CTA10/S1120 and ITA07/S991 ensures that the Bank of England (which is exempted from PRA regulation) is included within the definition of 鈥榖ank鈥�). The Bank of England is the central bank of the UK. Amongst other things its role is:

  • maintain monetary and financial stability in the UK economy,
  • act as banker to other banks,
  • act as banker to the Government
  • issue bank notes in England & Wales
  • manage gold and foreign exchange reserves

For more information about the role of the Bank of England see its website at