Selftrade, a UK based execution-only stock
broker – the trading name of Talos Securities, has become a bank
with deposit taking permissions granted by the Financial Services
Authority (FSA).
This is the first step by Seltrade towards
offering banking and savings products and services.
Go deeper with GlobalData
Seltrade is the UK subsidiary of Boursorama
and part of the Société Générale (SocGen).
Selftrade is making the move towards
introducing retail banking products to its customers as its parent
company Boursorama has done.
The first product will be a Cash ISA that will
mark an extension of Selftrade’s execution-only share dealing
proposition, which for now is the core of the Selftrade
business.
Selftrade currently has more than 220,000
accounts. Having a stocks and shares and Cash ISA under the same
roof will give customers the ability to transfer money from their
Cash ISA into their stocks and shares quickly, Selftrade
believes.
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By GlobalDataCEO at Selftrade, Paul Greetham, said, that
“becoming a deposit taker” is a natural extension of Selftrade’s
business and by taking this first step towards offering banking and
savings products and services as a ‘broker-bank’, Selftrade is able
to give customers “greater choice and a unique combination of
products with a stocks and shares and Cash ISA sitting alongside
each other.”
Greetham added that Selftrade aims to expand
its suite of products and services gradually, without “losing sight
of our core share dealing proposition.”
Chairman and CEO of Boursorama, Inès-Claire
Mercereau, said, “Thanks to this deposit taking permission,
Selftrade will be the first online broker in the UK market to
provide customers with retail banking and savings products and
services.
“With a broader offering, our ambition over
the years to come is to position our UK subsidiary as a
one-stop-shop for financial products and services, as we are doing
in France with Boursorama Banque.”
Given Selftrade’s bank status, eligible
customers with cash held as deposit with Selftrade would be
entitled to compensation up to £85,000 ($135,804) under the
Financial Services Compensation Scheme (FSCS), subject to the FSCS
rules.
