I am interested in knowing more about the Dozens and its progress to obtaining a banking license.
I noticed reading the website you quote “We are not a bank. We are authorised by the Financial Conduct Authority (FCA) as an e-money institution (FRN 900894) and also as an investment firm (FRN 814281). This means we can offer a range of financial products, which each have different levels of protection.”
Can you briefly explain how this differs from a customer point of view from a standard banking license? for example, protection rights (in relation to the Current Account only), what products you can offer etc? Happy for you to link out if this has already been covered.
Secondly, it may sound like a dumb question, but why do you want to obtain a banking license? It would be good to know the overarching strategic direction for Dozens.
Finally, what is the aspiration for when you want to obtain the license?