Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
4th November 2011
SocGen creating UK online bank using Selftrade
Selftrade, the UK retail online broker has gained a deposit taking licence from the Financial Services Authority. It is a trading name of Talos securities and subsidiary of Boursorama, in turn a Société Générale subsidiary.
Selftrade is following the path of Boursorama and building itself to become an online bank in the UK. In the first instance it is planning to launch online ISAs (a UK savings product that has no tax on the interest). It will need further licence approvals before it is able to offer any credit products.
Inès-Claire Mercereau, Chairman and CEO of Boursorama, comments:
"Thanks to this deposit taking permission, Selftrade will be the first online broker in the UK market to provide customers with retail banking and savings products and services. With a broader offering, our ambition over the years to come is to position our UK subsidiary as a one-stop-shop for financial products and services, as we are doing in France with Boursorama Banque."
Paul Greetham, Chief Executive Officer at Selftrade, comments:
"Becoming a deposit taker is a natural extension of our business and by taking this first step towards offering banking and savings products and services as a 'broker-bank', we are able to give customers greater choice and a unique combination of products with a Stocks and Shares and Cash ISA sitting alongside each other. Over the next few years and subject to further FSA approval, we aim to expand our suite of products and services gradually, without losing sight of our core share dealing proposition. In line with our existing strategy, we want to ensure that we offer customers products and services that provide long-term value and client satisfaction."