Regulators have confirmed plans to boost competition in the banking sector, by easing the barriers facing new banks.
The Financial Services Authority (FSA) and Bank of England (BoE) want to speed up the timetable for authorising new banks to within six months and provide up-front support during the application stage.
They also agree that relaxing the capital ratio requirements for start-ups to 4.5% against up to 9.5% for major existing banks should make it easier for newcomers to attract potential investors.
The UK's banking sector is currently dominated by RBS, Barclays, HSBC and Lloyds Banking Group and recent bank entrants such as Metro Bank and Aldermore have struggled to cash in on public anger over the fall out from the financial crisis.
Four banks currently dominate the UK market FSA chairman Lord Turner said the proposals were bold changes that responded to the difficulties being faced by applicant firms.
He said: "We believe the changes will make a significant difference to the ease with which new firms can enter the UK banking system and, as a result,
enable an increased competitive challenge to existing banks."
The move was welcomed by Metro Bank co-founder Anthony Thomson.
He told Sky News: "There is a real appetite amongst consumers for a new, different form of banking...it will give them more choice and force the existing banks to give customers a better deal."
It is expected that the rule changes will benefit potential buyers of 315 branches being sold by RBS.
On Monday the FSA will be replaced by the Financial Conduct Authority and the Prudential Regulation Authority, both of whom will need to approve new entrants.
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