Castle Trust has revealed that it has entered discussions with the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to pursue a banking licence application.
This represents the next phase of growth for Castle Trust, which was originally authorised by the FSA in September 2012. Since then, Castle Trust has offered investment products alongside its mortgage range and now has approximately £750m of assets under management and £660m of bonds outstanding. In 2017, Castle Trust further expanded the offering with the acquisition of Omni Capital Retail Finance.
As a result of this growth, the company has applied for the licence to support the continued evolution of the business and enable it to further expand the product offering across both the mortgage, savings and consumer finance arms.
Sean Oldfield, Castle Trust’s group chief executive, said: “We are delighted with the progress of the business to date and today marks a significant moment in the evolution of the company.
“Making the application for a banking licence will allow us to continue our innovative approach to both investments and mortgages as the business continues to grow.”