The U.K.’s fifth-largest retail broker Selftrade has received regulatory approval from the Financial Services Authority to set up a retail bank in the country, Reuters reports. The firm will begin accepting deposits and offer retail banking products, including investment trusts.
The Societe Generale-owned broker will be the first online broker in the U.K. market to offer retail banking and savings products and services to customers. It will initially venture into U.K. banking-type products, such as a cash Individual Savings Account (ISA), a tax-free investment product targeted at retail investors. Selftrade’s 220,000 account holders will be able to access cash ISA from next month.
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Retail Bank Societe Generale U.K. Reuters Financial Services Authority