Charter Court Financial Services

Charter Court Financial Services Group plc
Public
Traded as LSE: CCFS
Industry Finance
Founded 2008 (2008)
Headquarters Wolverhampton, England
Key people
 Sir Malcolm Williamson (Chairman)
Ian Lonergan (CEO)
Sebastien Maloney (CFO)
Products Financial services
Revenue £170.2 million (2017)[1]
£111.7 million (2017)[1]
£81.3 million (2017)[1]
Website www.chartercourtfs.co.uk

Charter Court Financial Services Group plc (Charter Court) is a financial services company operating in the United Kingdom, which provides retail savings products, specialist mortgage products, mortgage administration services and credit analysis. Charter Court operates via three separate specialist brands: Charter Savings Bank for retail savings, Precise Mortgages for specialist mortgages and Exact Mortgage Experts for credit analysis and servicing of existing mortgage portfolios.[2]

Charter Court is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority in the United Kingdom.[3] It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

History

Charter Court in Wolverhampton (on the left)

The company was established with long term investment provided by Elliott Associates LP and Elliott International LP, to provide credit consultancy and mortgage administration services for pools of mortgage loans owned by third parties in 2008.[4]

In 2009, after working for nearly a year on building and testing its mortgage origination and servicing platforms, Charter Court obtained permission from the Financial Services Authority (now Financial Conduct Authority) to act as an authorised mortgage administrator. Charter Court was granted permission by the Financial Services Authority (now Financial Conduct Authority) to act as an authorised mortgage lender in October 2010.[5]

In January 2015, Charter Court obtained its banking licence from the Prudential Regulatory Authority, putting it among the first new banks in the UK to be granted a licence since the onset of the global financial crisis. This was followed in March 2015 by the launch of Charter Savings Bank as an online retail savings bank.[5]

In September 2017 Charter Court successfully conducted an initial public offering and on 4 October 2017 completed a premium listing on the Main Market of the London Stock Exchange.[6]

Operations

Charter Savings Bank

Charter Savings Bank is an online retail bank which provides savings products to UK customers. The Bank does not operate any branches. All applications can be submitted online (24/7) and customers are supported by a UK based call centre 7 days a week.[7] The Bank launched in 2015 and provides fixed rate bonds, notice accounts, easy access accounts and cash ISAs.[8] Eligible deposits with the Bank are protected by the Financial Services Compensation Scheme, the United Kingdom's deposit protection scheme, for savings up to the value of £85,000.[9]

Precise Mortgages

Established in 2010, Precise Mortgages provides specialist mortgages to UK borrowers who are underserved by High Street lenders.[7] Precise Mortgages offers residential and buy to let mortgages, along with bridging and second charge loans through a nationwide intermediary network.[10] Precise Mortgages operates via a technology driven underwriting and credit risk management system, which is available 24/7.[10]

Exact Mortgage Experts

Exact Mortgage Experts is a Fitch-rated mortgage servicer, administering mortgages originated by Precise Mortgages and selected third parties. It offers portfolio trading pricing, specialist analytics and credit consultancy to institutional clients. In April 2015 Fitch upgraded Exact’s Special Servicer Rating to RSS2, while in September 2016 Exact’s Primary Servicer rating was upgraded to RPS2.[7]

Authorisations and licences

Notable authorisations and licences since launch include:

  • 2009 (2009): Charter Court was authorised for administering regulated mortgage contracts.[11]
  • 2010 (2010): The Group launched its specialist lender Precise Mortgages, initially for Buy-to-Let lending in May and was subsequently authorised for lending in relation to regulated mortgage contracts.[11]
  • 2013 (2013): Fitch Ratings assigned Charter Court a UK Primary Servicer Ratings of RPS3+ and upgraded the existing UK Special Servicer Rating to RSS2-.[12]
  • 2015 (2015): The PRA approved its application to vary its permissions to accept retail deposits through its consumer-facing retail brand Charter Savings Bank. Charter Court’s special servicer rating of RSS2 was maintained by Fitch, while its Primary Servicer rating was upgraded to RPS2-.[13]
  • 2016 (2016): Fitch upgraded the Primary Servicer rating to RPS2.[14]

References

  1. 1 2 3 "Preliniary Results 2017" (PDF). Charter Court Financial Services. Retrieved 22 March 2018.
  2. ↑ "About Us". Charter Court Financial Services. 2017. Retrieved 27 October 2017.
  3. ↑ "Legal Notice". Charter Court Financial Services. 2017. Retrieved 27 October 2017.
  4. ↑ "Charter Savings Bank enters UK retail banking fray". FT. 7 January 2015. Retrieved 3 March 2018.
  5. 1 2 "Prospectus". Charter Court Financial Services. 2017. Retrieved 27 October 2017.
  6. ↑ "Charter Court Financial Services is set to announce plans for £500m float in London". City AM. 3 September 2017. Retrieved 3 March 2018.
  7. 1 2 3 "Our brands". Charter Court Financial Services. 2017. Retrieved 27 October 2017.
  8. ↑ "At a glance". Charter Savings Bank. 2017. Retrieved 27 October 2017.
  9. ↑ "Financial Services Compensation Scheme". Charter Savings Bank. 2017. Retrieved 27 October 2017.
  10. 1 2 "About us". Precise Mortgages. 2017. Retrieved 27 October 2017.
  11. 1 2 "Charter Court Financial Services". Financial Conduct Authority. Retrieved 3 March 2018.
  12. ↑ "Exact awarded upgrade by Fitch". Mortgage Finance Gazette. 18 March 2013. Retrieved 3 March 2018.
  13. ↑ "Spring launch for new challenger bank which promises competitive savings rates and reliable customer service". This is money. 7 January 2015. Retrieved 3 March 2018.
  14. ↑ "Our history". Charter Court Financial Services. 2017. Retrieved 27 October 2017.
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