APRA grants Volt Bank ADI licence

Volt Bank APRA ADI

22 January 2019
| By Anastasia Santoreneos |
image
image
expand image

Volt Bank has become Australia’s first retail challenger bank to receive an Australian Prudential Regulation Authority-granted Authorised Deposit-Taking Institution (ADI) licence since the early 2000s.

The new licence would enable Volt to offer its services to all Australians by removing the limit on the maximum size of deposits from a single depositor, and on the aggregate amount of deposits it can accept.

The licence comes eight months after Volt became the first organisation to receive a restricted banking licence from APRA in May last year, with the bank since doubling its team to 100 employees and forging multiple industry partnerships.

The announcement also followed the appointments of former Foxtel and News Corp CEO, Peter Tonagh, and former Tabcorp CIO, Kim Wenn, to Volt’s board of directors.

The bank’s co-founder and chief executive, Steve Weston, said it was a landmark day for Australian consumers, and credited the milestone to the calibre of the team.

“Against the backdrop of systematic failures and breaches of trust by incumbent banks, our mission is simple; to empower people and make financial services easier,” said Weston. “It’s about giving Australians a fundamentally different banking experience, one that is honest and fair.” 

Volt said it would progressively roll out a full suite of consumer deposit and lending products this year, and intends to offer small business banking services in 2020.

The bank also announced the launch of Volt Labs, an app-based online community that lets customers provide their insights and ideas to contribute to designing the bank’s products and services.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

5 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 10 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 8 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 11 hours ago