In the UK , for example , the Financial Services Authority licenses banks .
Some commercial banks ( such as the Bank of Scotland ) issue their own banknotes in addition to those issued by the Bank of England , the UK government 's central bank .
In the UK , for example , the Financial Services Authority licenses banks , and some commercial banks ( such as the Bank of Scotland ) issue their own banknotes in addition to those issued by the Bank of England , the UK government 's central bank .