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As we mentioned a couple of weeks ago in this post the UK regulators costly, long-winded and bureaucratic application process has come under fire from MPs, who want to see entrants challenge the cartel-like behaviour of incumbent banks.
Ambitious entrepreneurs can set up a bank for the price of a Surbiton semi, the Bank of England revealed yesterday as it claimed it had made it far easier for new entrants to break into the tightly regulated banking industry. The minimum capital requirement for an entrepreneur seeking a coveted licence to take deposits has been cut from £5 million to £1 million and other restrictions also relaxed.
http://www.thetimes.co.uk/tto/business/industries/banking/article4141496.ece
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