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Masthaven Bank eyes shakeup with retail licence

Masthaven Bank has been given a retail banking licence by the Prudential Regulation Authority and the Financial Conduct Authority.

The Masthaven Finance arm says it wants to disrupt the market by letting savings and mortgage customers build their own products.

Masthaven Bank’s savings and mortgage customers will be able to determine maturity dates and interest rates through an online fixed-interest savings range.

Economic secretary to the Treasury Harriett Baldwin says: “Incentivising new banks to come to market is a key part of the government’s drive to increase competition in banking.

“We want to ensure that the UK financial services sector remains the best and most diverse in the world.

“It is great to see Masthaven successfully taking the leap from specialist mortgage lender to a new retail bank focused on digital services – I look forward to seeing how this transforms its offering for UK customers.”

Masthaven Bank managing director Jon Hall says: “In a world of ever increasing personalisation, many people want to take more control of their money and make it work harder for them.

“We’re determined to buck the ‘one size fits all’ approach to banking by helping retail customers play a bigger role in tailoring products to best suit their needs.”

Masthaven will also give share options to its staff.

The new bank will be majority-owned by founder and majority shareholder Andrew Bloom, with the remaining ownership held by the Pears family and Masthaven’s employees.

Bloom says: “We want our employees to hold a stake in the business that we will be building together, because as a bank we’re only as good as the people we employ.

“Our new team combines great talent and experiences with a shared vision to change banking for the better, working with our customers to help give them greater control of their finances.”



Masthaven submits application to become a bank

Masthaven Finance has submitted an application to become a retail bank. The second charge and bridging loan provider says it has “attracted the significant investment required to meet UK regulatory capital rules” and plans to launch in the summer of 2016, should the application be successful. It plans to offer savings and specialist mortgages for […]


60 Seconds with… Richard Deacon, sales & marketing director, Masthaven Bridging Finance

Having previously worked for a mainstream lender, What has been most different about bridging? The standout difference is the transparency and flexibility of the bridging market. I am going through the mortgage process now as I purchase a new home and using a mainstream high-street bank is like pulling teeth, trying to talk to underwriters […]

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FCA sees 80% jump in contested enforcement cases

The number of FCA enforcement cases contested by firms has increased by 80 per cent in one year, data shows. FCA figures show 17 more cases were referred to the regulatory decisions committee last year, bringing the total number to 38 for 2015, the Financial Times reports. The committee is part of the FCA’s independent […]

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(Another) downhill stroll — retirement planning

A report published this morning by the CIPD (CIPD Employee Outlook March 2015) provides yet more interesting data to the changing landscape of retirement planning. It should be remembered that we are in a period of genuine flux here given that the default retirement age was scrapped three years ago, and new pension freedoms come online in April. Both of these alterations will have a huge impact on how employees plan for their retirement.

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In Focus — February 2015

Jelf Employee Benefits looks at the issue of paying anaesthetist fees when the patient had no chance to discuss or agree to them prior to care; and provides recommendations for avoiding this scenario.


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