A new wealth management bank has been launched in the UK as the US regulators in the US push for tougher financial regulation.
The bank is called Wealth Management Bank Limited (WMBL), and it aims to bring the financial services industry together, according to its website.
The UK has been the only EU country without a bank to be part of a bank for more than a decade, and the Bank of England has been looking to introduce a UK bank to help tackle the problem.WMBR has raised around £1m so far.
The organisation has a team of 30 people working in the United States and two in the Netherlands.
Its chief executive, Michael Fuchs, said the bank will focus on building a better financial system in the world’s most expensive and fragmented country, adding that it will also be investing in a range of other financial services.
“The financial services sector is one of the fastest-growing sectors in the economy and we see the opportunity to build a better UK financial system, one that is better able to meet the needs of the UK economy,” he said.WMPL has the option to create a subsidiary to be called Wealth Investment Bank Limited, according the website.
Fuchs said that the bank’s aim was to provide services in the “fintech and technology space” as well as to serve as an “unbiased broker”.
“We aim to grow the business, which is why we are seeking to recruit more people to join our team, with the full understanding that we are not in this for the money,” he added.
“We do not want to be in this because we are rich, but because we believe in building a world that is more sustainable and fairer.”WMPR has not yet received a license from the US Federal Reserve, though its founder said that he is open to a licence.
The company’s website said it was founded by a group of “young, tech-savvy, highly experienced bankers” and has a “commitment to the principle of building the best global financial services ecosystem possible”.
“The goal is to be a global leader in the financial markets and the most transparent and accountable banking industry in the Western world,” it said.
The bank’s director of finance, David Mearns, said it had been approved by the Financial Conduct Authority and the US Department of Treasury.
“Our aim is to make the financial system more efficient and transparent and we believe that a UK-based bank will be the best place to do that,” he told the BBC.
WMPI has raised £1.6m so so far and will be expanding the UK office, according its website, and plans to be operational in 2018.
In a statement, a spokeswoman for the US regulator said the regulator’s financial services team was currently assessing the company’s application for a licence, and would consider any new applications from the company within the next few months.
“A number of US regulators have expressed concern that financial institutions could be using their banking relationships to facilitate criminal activity and evade the requirements of their regulatory obligations,” the statement said.
“The Financial Services Authority (FSA) is working closely with US authorities and other stakeholders to develop a plan to strengthen the anti-money laundering regime for financial institutions.”
In the coming weeks, we will review the company and make a determination as to whether the company meets the regulatory requirements.