Castle Trust granted full banking licence

    Martin Bischoff

    Following a period of authorisation with restrictions, Castle Trust Capital plc (Castle Trust) has been granted full authorisation as a bank by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

    After being authorised with restrictions in March 2020, Castle Trust undertook extensive testing of 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 and the conversion will take place later this month.

    Martin Bischoff, Chief Executive Officer said: “Being granted a full banking licence signals the start of the next phase of Castle Trust’s growth.  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 opens up many new opportunities for the business, which we expect to benefit our specialist property finance and retail finance offerings. We already have 200,000 customers and look forward to helping even more in the future. 

    “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 Buy to Let landlords and High Net Worth Individuals.  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 & medium sized businesses to provide their products and services to more consumers.”

    Tim Hanford, Managing Director of J.C. Flowers & Co., Castle Trust’s majority shareholder said “Castle Trust’s achievement of a full banking licence is 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.”

    Following full authorisation on Monday 15 June 2020, all existing investments were converted into savings accounts at 7am on Monday 22 June 2020. This is known as the 'Effective Time'. as required under the scheme documents, this is a notification to all scheme creditors that the Effective Time has now occurred. All customers will receive a letter by the end of June confirming their investments have been converted.


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    Castle Trust Bank means Castle Trust Capital plc, a company incorporated in England and Wales with company number 07454474 and registered office at 10 Norwich Street, London, EC4A 1BD. Castle Trust Capital plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under reference number 541910.

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