"In April 2018 we announced our intention to become a bank. Since then, we have been working closely with both UK regulators, the Prudential Regulation Authority and the Financial Conduct Authority, on our banking licence application. We were recently invited to submit our application, which we did this week.
This is a natural next step in Castle Trust’s journey that started when we were founded in 2012 with a simple mission: to help both investors and borrowers achieve their financial goals. Becoming a bank is an exciting milestone but it won’t change our focus on doing what’s right for our customers. In fact, it means we’ll be able to offer a broader range of products in the future.
This stage of the rigorous application process is expected to take until spring next year. There is nothing existing customers need to do now and we’ll keep customers updated on a regular basis.
Speaking about the application, Martin Bischoff, Chief Executive Officer said:
“Being invited to apply for a banking licence by the UK regulators is testament to the strength of the careful planning and preparations we have put in place. Castle Trust has always been proud of being different, and now we’re in the process of becoming a different kind of bank. We’re very excited about the opportunities that come with a banking licence to better help our customers achieve their financial goals."