Charter Court Financial Services (CCFS) is set to launch the new Charter Savings Bank in early 2015 in the UK after receiving approval for its banking licence by the Prudential Regulation Authority (PRA).
The new bank is said to be covered by the UK’s Financial Services Compensation Scheme (FSCS) and joins a small group of challenger brands who have moved into the retail banking space recently.
Representing a real alternative to traditional banks, Charter Savings Bank brings transparent savings solution for a discerning customer base which is struggling to achieve its financial goals, the firm claimed.
CCFS chief executive officer Ian Lonergan will take overall control of running the new Charter Savings Bank and Paul Whitlock has been appointed director of savings and is the chief spokesperson on banking issues.
Ian Lonergan said: "We see the development of a retail banking proposition as a logical extension for our business, enabling it to diversify into new markets and build a sustainable and competitive business model for the future.
"Being granted this licence by the PRA demonstrates the strength of our offering and the ambitious plans we have to champion savers and help them realise their financial goals."
Paul Whitlock said: "A significant number of savers are dissatisfied and feel unrewarded in today’s economic climate and we intend to provide new options that meet their needs.
"It’s high time, in what has become a listless market, that straightforwardness and robust rates are re-introduced to the market."