Charter Court Financial Services Group plc (Charter Court) is a financial services company operating in the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...

, 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. Charter Court is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the

Financial Conduct Authority The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom. It operates independently of the UK Government and is financed by charging fees to members of the financial services industry. The FCA regulates financi ...

in the United Kingdom. It was listed on the

London Stock Exchange The London Stock Exchange (LSE) is a stock exchange based in London, England. the total market value of all companies trading on the LSE stood at US$3.42 trillion. Its current premises are situated in Paternoster Square close to St Paul's Cath ...

and was a constituent of the

FTSE 250 Index The Financial Times Stock Exchange 250 Index, also called the FTSE 250 Index, FTSE 250, or, informally, the "Footsie 250" , is a stock market index that consists of the 101st to the 350th mid-cap blue chip companies listed on the London Stock ...

until it was acquired by

OneSavings Bank Kent Reliance is a banking services provider and trading name of OneSavings Bank plc, based in Kent, England. It was founded in 1898 as the Chatham & District Reliance Building Society, changing its name to the Kent Reliance Building Society in ...

in October 2019.

History

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. 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 The Financial Services Authority (FSA) was a quasi-judicial body accountable for the regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 1985 ...

(now

) 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. 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

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

. This was followed in March 2015 by the launch of Charter Savings Bank as an online retail savings bank. In September 2017 Charter Court successfully conducted an initial public offering and on 4 October 2017 obtained a premium listing on the Main Market of the London Stock Exchange. In March 2019 it was announced that Charter Court and

would merge. The transaction was completed in October 2019.

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. The Bank launched in 2015 and provides fixed rate bonds, notice accounts, easy access accounts and cash ISAs. 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.

Precise Mortgages

Precise Mortgages offers residential and buy to let mortgages, along with bridging and second charge loans through a nationwide intermediary network. Precise Mortgages operates via a technology driven underwriting and credit risk management system, which is available 24/7.

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.

Authorisations and licences

Notable authorisations and licences since launch include: * * * * *

References

{{Reflist

External links

Official site
Financial services companies of the United Kingdom Companies based in Wolverhampton Financial services companies established in 2008 British companies established in 2008 2008 establishments in England Companies listed on the London Stock Exchange Mortgage industry of the United Kingdom Retail financial services