Tandem Money is a company that owns Tandem Bank, one of the UK's original challenger banks . Tandem Bank is a digital bank with a mobile app, and no branches.
17-765: The acquisition of Harrods Bank in 2017 allowed the company to provide services using the former's banking licence. Tandem Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority . Tandem has offices across the UK in Blackpool, Cardiff, Durham, London and Manchester, employing over 500 people. The company was founded by Ricky Knox, Matt Cooper and Michael Kent in 2014. In December 2016, Tandem announced that it had secured
34-851: A precondition for a healthy and successful economy. It will have close working relationships with other parts of the Bank, including the Financial Policy Committee and the Special Resolution Unit. The PRA's most significant supervisory decisions are taken by the Prudential Regulation Committee – comprising the Governor of the Bank of England , the Deputy Governor for Financial Stability, the Deputy Governor for Monetary Policy,
51-700: A way that avoids significant disruption to the supply of critical financial services. The chief executive of the PRA is also the Bank of England Deputy Governor for Prudential Regulation. The following is a list of chief executives since the PRA's inception: From 1 April 2013, the Prudential Regulatory Authority, alongside the Financial Conduct Authority , replaced the Financial Services Authority . In response to
68-589: A £35 million investment from The Sanpower Group, the Chinese company that also owned the department store House of Fraser ; however, £29 million of this investment was later revoked by Sanpower over concerns that the Chinese Government would object to the investment following increased restrictions on outbound investment in China. This resulted in a delay in the launch of Tandem's savings products, which, at
85-404: Is a United Kingdom financial services regulatory body, formed as one of the successors to the Financial Services Authority (FSA). The authority is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. It sets standards and supervises financial institutions at the level of the individual firm. Although it
102-551: The Harrods store in Knightsbridge , London . It offered a variety of personal and business current and savings accounts, mortgages, foreign currency and gold bullion trading services. On 7 August 2017, Tandem Money Limited announced a deal to acquire 100% of Harrods Bank Limited shares. The purchase deal closed successfully on 11 January 2018. In March 2018, Tandem agreed to acquire Pariti Technologies Limited, developers of
119-524: The Bank of England is operationally independent of the Government of the United Kingdom , the PRA is a quasi-governmental regulator, rather than an arm of the government per se . The PRA has its main offices at 20 Moorgate, near the Bank of England's central offices on Threadneedle Street . The PRA's role is defined in terms of two statutory objectives: to promote the safety and soundness of
136-417: The Deputy Governor for Markets & Banking, the chief executive officer of the PRA (and Deputy Governor for Prudential Regulation) and independent non-executive members. The PRA's approach to regulation and supervision has three characteristics: The PRA approach to supervision will not seek to operate a "zero-failure" regime. Rather, the PRA will seek to ensure that a financial firm which fails does so in
153-528: The FPC is expected to take over operational responsibility for managing the financial sector from the Financial Services Authority with legislation planned for 2013. Once operational, the committee, headed by the Governor of the Bank (currently Andrew Bailey ), will address any risks it identifies by passing on its concerns to a new Prudential Regulation Authority (PRA), which will be obliged to act. Plans for
170-525: The Pariti money management application. In August 2020 Tandem acquired green home improvement loan specialists Allium Lending Group. It was announced on 8 February 2021 that Tandem had agreed to purchase the mortgage book from private bank Bank and Clients , consisting of 300 B&C customers for an undisclosed amount. In January 2022 Tandem Bank acquired consumer lender Oplo, creating a combined business with £1.2 billion of total assets. In April 2023, it
187-571: The committee were set out in George Osborne 's first Mansion House speech in June 2010, along with the creation of the PRA and a Consumer Protection and Markets Authority (CPMA, later renamed the Financial Conduct Authority , or FCA). Minutes of FPC meetings are made available, a move intended both "to increase transparency and to help transmit messages to the City". After legislation is passed,
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#1732772413578204-487: The firms it regulates and, specifically for insurers, to contribute to the securing of an appropriate degree of protection for policyholders (section 12 of the PRA Statement of Policy). In promoting safety and soundness, the PRA focuses primarily on the harm that firms can cause to the stability of the UK financial system. A stable financial system is one in which firms continue to provide critical financial services –
221-526: The onset of the COVID-19 pandemic in the United Kingdom in March 2020, the PRA sent a formal request to the seven largest British lenders to suspend dividends and share repurchases until the end of the year. Financial Policy Committee The Financial Policy Committee ( FPC ) is an official committee of the Bank of England , modelled on the already well established Monetary Policy Committee . It
238-498: The time of the revocation, was expected imminently and, more importantly, meant that Tandem volunteered the return of their banking license but retained all other permissions. In August 2017, it was announced that Tandem would fully acquire Harrods Bank, founded in 1893, in a deal that would bring a near-£200m loan book, over £300m of deposits and nearly £80 million of capital. Prior to its sale to Tandem Money, Harrods Bank catered for high-net-worth (HNW) individuals and operated from
255-429: Was announced in 2010 as a new body responsible for monitoring the economy of the United Kingdom . Focusing on the macro-economic and financial issues that may threaten long term growth prospects, it was expected to be officially set out in legislation during 2012. Although early plans were for the interim (pre-legislation) FPC to meet in late 2010, the committee's first meeting was held in June 2011. As of March 2012,
272-538: Was announced that Tandem had acquired money-sharing app Loop Money. At the time of the purchase, one of Loop's founders – Paul Pester – was also chairman at Tandem. Tandem bank offers customers Savings, Mortgages, Personal and Secured Loans, Green Home Improvement Loans and Motor Finance. In November 2022, the bank launched its new Tandem Marketplace, providing information and resources to help promote greener living. Prudential Regulation Authority (United Kingdom) The Prudential Regulation Authority ( PRA )
289-480: Was initially structured as a limited company wholly owned by the Bank of England , the PRA's functions have now been taken over by the Bank and are exercised through the Prudential Regulation Committee. The company has since been liquidated . The PRA was created by the Financial Services Act 2012 and formally began operating alongside the new Financial Conduct Authority on 1 April 2013. As
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