Private & Commercial Finance Group receives banking licence
Private & Commercial Finance Group (PCFG) has received its banking licence from the UK regulators, Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA).
PCFG says it is now authorised with restrictions as a bank and enters into a mobilisation period of up to 12 months.
“The authorisation requires us to undertake a number of actions before the bank can apply for those restrictions to be lifted,” PCFG explains. “These actions include the development of an enhanced governance framework and the delivery of new technology platforms.”
For its technology, PCFG will use Temenos’ T24 core banking system and Sandstone Technology’s digital banking and customer onboarding tools.
As reported exclusively by Banking Technology earlier this year, the system selection was carried out by Clive Bowles, who was with consultancy firm Sofgen at the time. Bowles is also one of Banking Technology Awards’ judges.
The new bank is expected to take its first deposits in summer 2017. Initially, it will support PCFG’s focus sectors of consumer motor finance and SME asset finance.
PCFG has been around since the early 1990s offering loans to individuals and companies for vehicles, plant and equipment. It has 14,000 customers and a finance portfolio of over £100 million. The company is London-based and employs 45 people.
Bermuda Commercial Bank is PCFG’s majority shareholder.
With so many new entrants trying to muscle into the UK banking sector, Banking Technology has put together a comprehensive list of the known challengers to date and the technology they are using.