Atom's response to FLS scheme announcement

Craig Iley, Managing Director of Business Banking at Atom said: “We are absolutely delighted that the Government has agreed to extend the FLS scheme for another two years.

Atom is a new entrant to banking with a focus on putting customers first and our strategy is to work in a new way with SMEs, bringing more choice to businesses and more capacity to the market. SMEs are the lifeblood of the British economy.

SMEs were poorly served by the big banks during the crisis, they were the first to be shut out when things got tough. This announcement shows that the government is listening to the business community and trying to support it in a very practical SMEs are transforming their businesses and finding that their banks are not keeping pace. Atom is attuned to the needs of SMEs and our focus is to innovate, ensure absolute transparency and work faster than the others.

We believe this announcement will level the playing field and help support the introduction and growth of new challengers like Atom”.

Editors notes

Atom is a start-up bank, not yet launched, but recently authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA.

Founded over a year ago and based in the City of Durham, Atom has a growing team of 160 people drawn from across the country, working with partners to bring pioneering technology to Europe. Atom is building the UK’s first bank designed specifically for digital, offering easy and convenient banking, along with unique and engaging ways to manage money.

The Atom executive team is highly experienced, having built and run some of the most well-respected banks in the UK. CEO Mark Mullen has 25 years experience in the sector and was previously CEO at the multi-award winning telephone and internet bank first direct.

The team is supported by a strong non-exec board, which includes founder and Chairman Anthony Thomson, also the founder and former Chairman at Metro Bank. He is Chairman of the Financial Services Forum, the UK’s leading membership organisation for senior FS industry executives and Chairman of the National Skills Academy for Financial Services, a national charity.

For more information visit atombank.co.uk. Full details of the extent of our authorisation by the PRA can be found on the Financial Services Register.