Castle Trust applies to become a bank
Castle Trust is looking to gain a banking licence after entering into discussions with the Prudential Regulation Authority and the Financial Conduct Authority.
The firm said gaining a banking licence will allow it to further expand its product offering across its mortgage, savings and consumer finance arms.
Sean Oldfield, 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.”
Castle Trust was authorised by the Financial Services Authority in September 2012, and has since offered investment products alongside its mortgage range.