This is the stage where prospective banks gain support from the Financial Conduct Authority and Prudential Regulation Authority to become established. The regulators will assess the business’ safety, soundness and objective of promoting competition to benefit consumers.
Bevan Money aims to provide mortgages for public sector workers and accept retail deposits. It will distribute its mortgages exclusively through intermediaries.
Mel Lane (pictured), chief executive at Bevan Money, said she was proud of the progress the business had made over the last couple of years.
Bevan looking to serve key workers
She added: “Our public servants provide a great service to this country, and it’s time our key workers received the respect and appreciation they so richly deserve. We’re quick to call them heroes but in the real world, they’re more often overlooked than rewarded. We want that to change.
“Home ownership is the bedrock of most peoples’ working and family lives. Yet so many workers at the sharp edge of public service struggle to get on the housing ladder. Most lenders treat public sector workers like any other salaried applicants. No consideration is given to their strong security of employment, professional qualifications, experience and reliable future pensions. Bevan’s products and underwriting will take full account of the strengths of this large group of underserved and aspiring homeowners.”
Colin Snowdon, board adviser, said: “The road to full banking authorisation is challenging and long. Rightly so, given the importance of stability in the banking sector. Many applicant banks do not make it to full authorisation, or even get to the stage that Bevan has already reached.
“Bevan’s foundations will be built on mortgages secured on bricks and mortar homes for key workers, underpinned by their vocational drive and stable and secure income. It will be a lender adding real value to the lives of millions of public sector workers, and the mortgage market, and we are excited to move to the next stage of its journey.”
