Charter Court Financial Services to launch new challenger bank

07 January 2015

  • Prudential Regulation Authority (PRA) grants new banking licence
  • New Bank will be called Charter Savings Bank
  • Online savings products will launch in early 2015
  • Charter Savings Bank, a dedicated savings proposition from Charter Court Financial Services Ltd (CCFS), will launch in early 2015 following the approval of its banking licence by the Prudential Regulation Authority (PRA).

    The Bank joins a small group of challenger brands who have recently moved into the retail banking space and comes at a time when savers are suffering from a lack of options from high street banks. Acting as a true challenger, Charter Savings Bank will represent a real alternative to traditional banks, bringing a straightforward, transparent savings solution for a discerning customer base which is currently struggling to achieve its financial goals.

    The new Bank is covered by the Financial Services Compensation Scheme (FSCS), the UK's deposit protection scheme, which guarantees eligible customers’ deposits up to a total value of £85,000.

    The online and telephone based proposition, which removes the cost associated with a physical presence on the high street, is set to launch early 2015 and will be a UK bank for UK savers. The products will focus on offering attractive and competitive rates across easy access, notice and fixed rate savings accounts supported by excellent customer service.

    CCFS has made a number of senior board appointments to support the launch of the banking proposition and the future growth of the company. Philip Jenks becomes CCFS' Chair after a forty year career in retail banking. Ian Ward, former Chief Executive Officer of Leeds Building Society has been named Vice-Chair and will be responsible for overseeing the savings proposition. Tim Brooke, formerly a partner of PWC who has held senior positions at several retail banks, joins the Board with specific responsibility for overseeing the Bank’s risk functions. In addition, Ian Wilson joins with a wealth of retail banking experience as the Bank’s Chief Risk Officer.

    Ian Lonergan, Chief Executive Officer of CCFS, will take overall control of running the new Bank. Paul Whitlock, formerly Director of Savings at Shawbrook Bank, has been appointed Director of Savings at Charter Savings Bank 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, commented: “We will bring competitive rates and excellent, reliable service to a customer base which has too often been taken for granted by high street banks. 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.” He added: “It’s high time, in what has become a listless market, that straightforwardness and robust rates are re-introduced to the market. Charter Savings Bank aims to do just that.”