Castle Trust receives full banking licence and will soon reveal improved specialist property lending offering

Castle Trust has been granted a full banking licence by the PRA and FCA, and is soon to announce details of its enhanced specialist property lending proposition.

Since becoming authorised with restrictions in March 2020, Castle Trust has tested its new savings system and asked its customers to vote on proposals to convert their existing investments into bank deposits. 

Castle Trust’s customers voted in favour with an overwhelming majority.

The conversion will take place later this month. 

“Being granted a full banking licence signals the start of the next phase of Castle Trust’s growth,” said Martin Bischoff, CEO at Castle Trust.

“Our first priority is to convert our 30,000 existing investment accounts into savings accounts, after which we look forward to launching our exciting new range of savings products in late July.”

The full banking licence is set to open up “many new opportunities” for the business, which it expects will benefit its specialist property finance and retail finance offerings. 

“We’ll be revealing details of our enhanced specialist property lending proposition shortly, which will build upon our existing offering to meet the needs of BTL landlords and HNW individuals,” added Martin.

“Our new status enables us to work with a wider range of property brokers.  

“The banking licence also offers great potential for growth within Omni Capital Retail Finance, which will help more retailers and small- and medium-sized businesses to provide their products and services to more consumers.”

Tim Hanford, managing director at J.C. Flowers & Co — Castle Trust’s majority shareholder — stated that Castle Trust’s achievement of a full banking licence was the culmination of “a great deal of work over an extended period of time”. 

“The licence is the endorsement of the quality of this business at many levels. 

“We have a terrific board and an exceptional team of people who deliver innovative products to our customers, supported by a technologically advanced infrastructure with robust processes and controls. 

“We look forward to continuing to be part of Castle Trust’s development and success, and remain excited by the opportunities for a nimble competitor in the UK banking market.”

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