 Over the past 40 years (to 2014) the banking system in the UK has experienced a 'dramatic shift' with total assets increasing from 100% of GDP to 450%, and it is 'plausible that the UK banking system will continue to grow rapidly', owing to its probable 'comparative advantage' in international banking services, with the pre-eminence of London as a financial centre.In 2014, the FCA revealed that 29 firms had applied for authorisation to become banks.As of Dec 2015, a number of new banking licences have been secured, e.g.