Reinforcing its commitment to the UK, RCI Bank UK today announces that it has obtained a UK banking licence. This milestone means customers’ deposits are protected by the UK’s Financial Services Compensation Scheme (FSCS). RCI Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

As Groupe Renault’s dedicated finance company, RCI Bank was the first car finance company active in the UK savings market. It has now been operating for almost four years with a commitment to simplicity, transparency and excellent service. It has continuously provided competitive rates, with its Freedom Savings account currently offering 1.42%, one year fixed account at 1.71%, two year at 2.11% and three year at 2.36%.

It employs 300 people in its Maple Cross offices in Hertfordshire and has a UK based call centre. At RCI Bank’s latest full year results, it has more than 75,000 customers and £70m in profit before tax.

In line with the licence requirements, the authorised UK entity RCI Bank UK Limited will trade as RCI Bank and operate under the control of a newly established board of directors. The Chief Executive Office and Executive Director is Jean-Louis Labauge, and the board members are as follows:

• David Swanney, Chairman and Independent Non-Executive Director and Chair of the Risk Committee

• Peter McEvoy, Chief Financial Officer and Executive Director

• Sheryl Lawrence, Independent Non-Executive Director, Chair of the Nomination and Remuneration Committee and Chair of the Board Audit Committee

• Enrico Rossini, Non-Executive Director

• Marc Lagrené, Non-Executive Director.

Jean-Louis Labauge, Chief Executive Officer and Executive Director, RCI Bank, said: “We have been in the UK savings market for almost four years and are committed to our future here. We had the opportunity to strengthen our roots in Britain and are absolutely thrilled that we’ve now secured our UK banking licence. Nothing changes for our customers, except the protection of their deposits simply moves to the FSCS and our footprint in the UK market is further strengthened.

This is an important milestone for us as a French bank with a British home. We’ve been on an exciting journey since launching in the UK savings market in 2015 and have always been committed to offering a breadth of simple products, underpinned by great service and a commitment to transparency. In a recent survey of customers, 85% said they know they can rely on us to deliver on our promises, and that they trust us and we look forward to continue offering competitive rates and outstanding customer service for many years to come.”