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>We aren’t a bank yet, but we are applying to the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) for authorisation to become one.

I don't want to be negative, but this is a huge consideration.

After 2008, unfortunately, regulations have made it much more difficult to incorporate a bank and comply with the law. Is a million enough for that?

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Other way round. UK have regulators have realised there is a lack of competition in banking arena and have made it much easier to start new banks. Several challenger banks have already received their licenses under the new rules

>After 2008, unfortunately, regulations have made it much more difficult to incorporate a bank

The capital requirements to launch a bank have actually been relaxed since the financial crash. The government wants more competition in the industry and the regulator has been working to make that happen.

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