As part of our plans to become a bank, we held a series of votes on 21 May 2020, where our investment customers voted on whether to convert their investments to bank deposits. Each of the proposed resolutions passed and the results are detailed below.
We promised to donate £1 to charity for each customer that voted. 10,868 customers participated across the three schemes, so we have made a donation of £10,868 to Age UK.
Following the scheme meetings, the courts are required to sanction each scheme. The Fortress Bond and Income Housa schemes were sanctioned on 3 June 2020. You can find a copy of the Fortress Bonds sealed order here and a copy of the Income Housa sealed order here. The Growth Housa court hearing is scheduled for 5 June 2020.
We expect to become a fully authorised bank in the next few weeks and the conversion will follow shortly afterwards. You can find out more here