The APPG on Challenger Banks and Buildings Societies is delighted to welcome OakNorth Bank and its latest Associate Member.
The APPG is a cross-party group of MPs and Peers that seeks to inform parliamentarians about the challenger banks and building societies sector, the issues and challengers facing them, and to promote diversity within the sector.
OakNorth Bank – the UK bank powered by OakNorth – is an established UK challenger bank that provides fast, flexible and accessible debt finance of £500k to £45m to fast-growing businesses and property developers.
Commenting on OakNorth Bank’s decision to join the APPG, its Chair, Rt Hon. Karen Bradley commented:
“The APPG has an exciting programme of future inquiries lined up for what looks set to be a critical year for the financial services sector here in the UK.
It is therefore great to have the backing of OakNorth Bank as we venture into the post-Brexit and post-Covid future.
OakNorth is an established UK challenger bank and I know they will be contribute a huge amount of useful insight and experience to the work that we will be doing.
“The APPG and myself look forward to working with OakNorth and their fellow Associate Members to help shape a regulatory and legislative platform that can allow all challenger banks to flourish.”
Nick Lee, Head of Regulatory Affairs at OakNorth Bank said:
“Since the financial crisis, regulators and policy makers have done a huge amount to support the challenger banking sector and enable new entrants such as ourselves – creating more competition and widening the flow of credit to SMEs.
It is now vital that the right risk based and proportionate steps are taken by regulators and policy makers to remove the barriers to scaling that exist and ensure there can be effective competition in the banking sector as these new banks move into the next stage of their growth. We are therefore delighted to be joining the APPG for Challenger Banks and Building Societies.”
Notes to editors
OakNorth Bank launched in September 2015 with a mission to provides fast, flexible and accessible debt finance (from £500k to £45m) to fast-growth businesses. Its clients include: bars, restaurants, hotels, nurseries, schools, care homes, retirement villages, debt funds, private equity firms and established property developers / investors. Since its launch, the bank has lent several billion pounds to several hundred businesses across the UK, who have gone on to develop 16,000 new homes and create almost 20,000 new jobs. OakNorth Bank is participating in both the Coronavirus Business Interruption Loan Scheme (CBILS) and the Coronavirus Large Business Interruption Loan Scheme (CLBILS).
The All Party Group on Challenger Banks and Building Societies is a cross-party group of MPs and Peers chaired by Rt. Hon Karen Bradley MP that seeks to inform parliamentarians of all parties about the challenger banks and building societies sector, the issues and challengers facing them, and to promote diversity within the sector. It has recently published the results of an inquiry into Diversity of Financial Institutions in the UK and a survey of the impact of the COVID-19 pandemic on institutions.
The Chair of the APPG CBBS, Rt. Hon Karen Bradley MP and Nick Lee, Head of Regulatory Affairs at OakNorth Bank are available for interview.