New bank for public sector workers set to launch next year in the UK
Bevan Money, a new bank specially dedicated to supporting public sector workers – both past and present – is gearing up to launch in the UK in 2023.
The challenger says it started its regulatory processes with the Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA) in 2020 and aims to submit its banking authorisation application by the end of this year.
Claiming to be the UK’s first lender specifically backing public sector workers, Bevan Money will provide mortgages for first-time buyers and later-life borrowers as well as provide “ethical accounts for bigger-picture savers”.
Writing on LinkedIn, Mel Lane, CEO of Bevan Money, says the firm “has successfully traversed through the Bank of England’s New Bank Start-Up Unit RBP, ICAAP, ILAAP and Challenge sessions and is on track to submit an application for banking authorisation in Q4 this year”.
Nick Rothwell, part of Bevan Money’s advisory board, says the aspiring bank aims to challenge the UK’s specialist lending market.
Once the to-be bank receives authorisation from the UK regulators, Rothwell adds that he will join the firm as a senior independent non-executive director.