Concerned about the extent of forthcoming regulation designed to make it easier for customers to switch current accounts, Atom Bank CEO Mark Mullen, said that the bank's current account launch would be “certainly not in 2017, and maybe not even in 2018”.
UK digital lender concerned about extent of forthcoming regulation. Atom, the UK’s first app-based bank, has delayed plans to launch a current account until at least 2018. Its chief executive blamed forthcoming regulations that make the UK personal banking market too “ambiguous and uncertain”. The digital-only lender, which has amassed close to £500m in loans and almost the same amount of deposits since its launch in April last year, had hoped to offer current accounts this year as part of an expansion drive funded by an £83m capital raising in March.