Masthaven Bank granted licence
By Tom BelgerMasthaven Bank has announced it has received a retail banking licence from the Prudential Regulation Authority and the Financial Conduct Authority
Section: mobile apps categories
The lender becomes the first challenger bank of 2016 to be granted a license and allows the management team to deliver on its vision to build a bank which puts people in control of its own financial goals.
Jon Hall, Managing Director of Masthaven Bank, said more people want to take control of their money and make it work harder for them.
“We’re determined to buck the ‘one size fits all’ approach to banking by helping retail customers play a bigger role in tailoring products to best suit their needs.”
The new bank will be majority-owned by founder and majority shareholder Andrew Bloom while the remaining ownership will be held by the Pears Family and Masthaven employees.
“We want our employees to hold a stake in the business that we will be building together, because as a bank we’re only as good as the people we employ,” Andrew stated.
“Our new team combines great talent and experiences with a shared vision to change banking for the better, working with our customers to help give them greater control of their finances.”
Meanwhile Harriet Baldwin, Economic Secretary to the Treasury, said the encouraging new banks to come to market was a key part of the government’s drive to increase competition.
“We want to ensure that the UK financial services sector remains the best and most diverse in the world.
“It is great to see Masthaven successfully taking the leap from specialist mortgage lender to a new retail bank focused on digital services – I look forward to seeing how this transforms its offering for UK customers.”
The bank will be led by Jon while ex-CEO of UK Financial Services Practice at KPMG Peter Harrison has been appointed chairman.
For more information on the bank click here.
Keywords: Bridging Finance, Commercial Finance, Bridging Lender, Commercial Lender, Alternative Finance, Broker news, Bridging loans, Masthaven Finance, Masthaven Bank, Harriett Baldwin, Challenger Banks, Jon Hall
Source: Bridging & Commercial — https://bridgingandcommercial.co.uk/masthaven-bank-granted-licence