We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedChange Management

MBNA requests change of UK status with FSA


Specialist card issuer applies for exemption from traditional banking regulations

Article comments

Credit card issuer MBNA Europe Bank Limited has changed its name to MBNA Limited and has applied to the Financial Services Authority (FSA) for a change of its regulated status in the UK.

In a statement on Monday, MBNA said that it has sought to make the change because it is currently regulated like a traditional bank but does not offer traditional banking services in the UK. Subject to FSA approval, MBNA will be authorised by the regulator under the Payment Service Regulations 2009 as a payment institution rather than a traditional banking institution.

MBNA said there will be no change to the statutory protection its customers currently enjoy through the Financial Ombudsman Service (FOS). It will continue to be authorised and regulated by the Financial Services Authority (FSA) for general insurance activities, and licensed by the Office of Fair Trading (OFT) for consumer credit activities.

It is currently in the process of phasing out the previous name and replacing it with the new name on all materials. Acquired by Bank of America in 2006, MBNA has made a name for itself as world's largest independent card issuer specialising in affinity cards for retail brands, airlines, sports franchises and institutions.

In the UK, apart from issuing cards for sports franchises such as Manchester United, Arsenal and Leicester Tigers rugby club, MBNA also issues specialist credit cards for CIMA, ICAEW and ACCA.

Share:

Recommended Articles

Comments

MBNA requests change of UK status with FSA
Change Management

Is the FTSE 350 hiding behind token women appointments?

Is the FTSE 350 hiding behind token women appointments?

There are just 16 female executives in the first five FTSE 100 companies and technology firms fare even worsemore ..


Customer satisfaction falls for third month in a row

CFOs are in prime position to improve customer satisfaction, CEO of Customer Service Institute saysmore ..

Reckitt Benckiser to demerge pharmaceutical business

The separate UK listing is expected to take place over the next 12 months, the company said in its half-year results updatemore ..

Murdoch's $80bn bid for Time Warner rejected

Murdoch's 21st Century Fox confirmed it made a takeover offer for Time Warner in Junemore ..

Making multi-supplier outsourcing work

It is not enough to assign a contract and then expect the outsourcer to run with it independentlymore ..

Interim CFO or consultant? The pros and cons

Ed Harding offers an insight into the life of an interim CFO and the advantages in driving transformationmore ..

Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.



In Depth
Can finance rise to the challenge of major transformation?

Can finance rise to the challenge of major transformation?

Outdated finance processes, systems and competencies leave too many questions unanswered more ..

In Depth
Interim CFO or consultant? The pros and cons

Interim CFO or consultant? The pros and cons

Ed Harding offers an insight into the life of an interim CFO and the advantages in driving transformation more ..

Advertisement

* *