Atom Bank Obtains Full Registration with Trading Standards
Atom Bank “goes beyond” basic statutory regulatory requirements.
Image source: Atom Bank team.
Neobank Atom is committed to the Standards of Lending Practices for Corporate Clients as it seeks to protect SMEs and provide fairer outcomes for corporate clients of banks.
Overseen by the Lending Standards Board (LSB), the Standards of Lending Practice (SLP) covers loans, credit cards, charge cards and overdrafts, providing a distinct set of standards for asset financing.
Obtaining full SLP registration came after a period of “provisional” status, during which Atom worked with the LSB to complete the necessary registration requirements.
Tom Renwick, head of corporate lending at Atom Bank, said the LSB’s full business standards registration underscores that the neo-bank is “dedicated to delivering fair results for customers, going above and beyond what legal regulations require of us”.
The UK’s first app-based bank, Atom has been around since 2014, with lending operations at the heart of the neo-banks offering.
Since the company was founded, it has funded over £1bn of business loans, growing its business loan portfolio by £300m in the 2022 benchmark year.
The other lending activities which contributed to Astom’s strong growth at the end of the year under review are its mortgage activities.
On-balance sheet residential loans also reached £1.5bn, up £500m from 2021.
One of the reasons for the increase in lending stems from Atom’s Ner-Prime retail mortgage offering, allowing people with less than perfect credit scores to get loans for their homes.
Emma Lovell, chief executive of the LSB, said she was “delighted” with the success of Atom Banks’ registration, adding that the cost of living crisis means that “trust between lenders and borrowers is more important than ever”.