Several UK banks and building societies have been selected to participate in the second cohort of the PRA and FCA's Scale-up Unit.
The latest participants include Chetwood Bank, LHV Bank, Cumberland Building Society, Leek Building Society, Market Harborough Building Society, Newcastle Building Society, Principality Building Society and West Bromwich Building Society.
The banks and socities will benefit from tailored support in areas such as regulatory processes, product innovation, impact of new policy proposals and sector engagement, helping them to grow sustainably at pace.
Through the Scale-up Unit, participants will have a dedicated regulatory contact who understands their business models and growth ambitions. This will support more tailored engagement on product development, regulatory processes and the practical challenges of scaling a modern banking business.
Announced by the chancellor in October 2025 as part of the government’s Financial Services Growth and Competitiveness Strategy, the Scale-up Unit was created to provide support for fast-growing and innovative firms as they develop new products, attract new customers and move into new markets.
The Unit is intended to provide a smoother and more supportive regulatory experience for firms as they go through a critical growth phase. It will also engage with the sector as a whole to identify opportunities for regulators to better deliver sustainable growth, competitiveness and innovation.
Paul Noble, CEO at Chetwood Bank, said: “We’re delighted to have been selected to join the second cohort of the Scale-up Unit.
“As a rapidly growing bank, the Scale-up Unit offers us a valuable opportunity to engage more closely with both the FCA and PRA, helping us navigate an increasingly complex regulatory environment while supporting our growth ambitions.
“We believe participation in the initiative will support us in continuing that journey at pace, with the confidence that comes from strong regulatory engagement and understanding."
Kris Brewster, interim CEO at LHV Bank, commented: "We’re ambitious about what LHV Bank can achieve in the UK. Joining the Scale-up Unit is an important step in our growth story and supports our commitment to scaling responsibly, with the right governance, resilience and customer focus.
“Our ambition is simple: to make banking work harder for our customers and partners. That means competitive savings products for people who take their money seriously, lending that helps ambitious businesses grow, and building the payment infrastructure that fintechs and financial institutions across the UK and Europe depend on.
“We’re proud to be building a bank with ambition, and we look forward to working closely with the PRA and FCA as we continue to grow and contribute to the UK’s financial services sector.”
Sarah Harrison, chief executive of the Building Societies Association, added: “It is great to see the regulators recognising the potential of building societies and that growth is not limited to challenger banks. Building societies bring greater diversity to financial services, which supports competition and financial stability.
“The support of both regulators through the Scale-up Unit is welcome and closely aligned with the government’s ambition to double the size of the mutual sector. We congratulate all six societies and look forward to working with them and the Regulators as the programme develops.”
