More choice for consumers as Virgin gets banking licence
The Virgin brand is one that is known and trusted across the UK as well as globally, and over the years Sir Richard Branson’s company has gone from strength to strength offering everything from financial products and entertainment to travel and more. The company has now added another feather to its cap after it was announced that it has managed to acquire a licence to supply full banking services, which means that consumers will be able to enjoy more choice.
For some time now Virgin has been stating that it wants to offer a full banking service, and in addition to the credit cards and various financial products that it already offers this would include things such as loans, mortgages, current accounts, savings, and investments.
Now that the company has confirmed that it has been granted its banking licence it can now start to offer banking services that will enable consumers to enjoy a better choice when it comes to financial services.
Officials have also said that in order to hit the ground running Virgin will most likely be offering products that will feature on best buy tables, and this will prove good news for consumers who will be able to get their hands on more affordable borrowing and great value savings products. Virgin will be relying on the Internet for distribution of its products initially, and most experts think this will result in the company launching a range of best buy products to generate interest.
One financial expert from Moneysupermarket.com said: “Following a period of mass consolidation in the banking and building society sectors it is great to see a serious player making a move to challenge the big banks. We have already seen Virgin Money play an aggressive role in the credit card market with their best buy products, and we can expect them to do likewise across a broader set of banking products.”
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