French lender RCI Bank has secured full banking licence in the UK following four years of operations.
Until now, the bank operated in the UK as a subsidiary of its parent company RCI Bank & Services.
RCI Bank UK: Bank licence details
Now, all customers of the RCI Bank UK are protected by the Financial Services Compensation Scheme (FSCS). The FSCS service protects up to £85,000 per person per institution, in case the bank fails.
Additionally, RCI Bank UK is now regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
RCI Bank CEO and executive director Jean-Louis Labauge said: “We have been in the UK savings market for almost four years and are committed to our future here.
“We had the opportunity to strengthen our roots in Britain and are absolutely thrilled that we’ve now secured our UK banking licence.
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By GlobalData“Nothing changes for our customers, except the protection of their deposits simply moves to the FSCS and our footprint in the UK market is further strengthened.”
As Groupe Renault unit, RCI Bank currently has more than 75,000 customers. It employs around 300 people in the UK and also has a UK-based call centre.
According to the bank’s latest full year results, RCI Bank registered £70m in profit before tax.
