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CivilisedBank, a UK challenger bank, that was aiming to start lending to British businesses in the coming months has given up its banking licence after struggling to build sufficient IT infrastructure in time to launch.
The bank was given the green light by the Bank of England’s Prudential Regulation Authority last May, but the PRA can cancel a firm’s permission if it does not start activity within 12 months. Chris Jolly, CivilisedBank non-executive chairman, said the company did not want to “try to rush through our current IT development phase”. “For us, it is essential that we can deliver an optimal customer offering, so we prefer to delay this stage of our development [and] have more time to get it right”, he said.
https://www.ft.com/content/a17e427a-399b-11e8-8eee-e06bde01c544
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