The new private bank SCOBAN has selected Lombard Risk to provide it with a fully automated, end-to-end regulatory solution for Bank of England, Financial Conduct Authority (FCA) and European Banking Authority (EBA) reporting.
SCOBAN PLC plans to open its doors in summer 2014 as a new private bank, headed up by ?Ray Entwistle, who was formerly chairman of Adam & Co, and Graeme Hartop.
It will be the first new start up bank to receive a licence offering full, traditional, banking services under the mobilisation process which was put in place in April last year following the restructuring which took place by the regulatory bodies, when the Financial Services Authority became the Financial Conduct Authority and the Prudential Regulation Authority.
Andrew Mulligan, finance executive director of SCOBAN, said: ?“Regulatory reporting is a critical business function to the bank and we selected Lombard Risk based on their proven track record in this market, as well as their experience with new start up banking operations.”
Robert Markham, head of sales and regulatory compliance for EMEA at Lombard Risk, said: “By deploying Lombard Risk REPORTER, SCOBAN will address an array of regulatory reporting issues and benefit from a truly integrated end-to-end solution that fully addresses the complexity of the current environment as well as providing the scalability to meet future requirements as they evolve over time.”
