I get it might be a legal requirement but seems quite strongly worded to the point that I’d think dozens has no plans to be a bank?
It is intentionally strongly worded. We want to make sure that our customers are clear on this particular issue since it is not something that we want anyone to be confused about.
We would like to have a banking licence one day and so we have started that application process but it can take several years to achieve (even at our pace), and until it is complete, we are not a bank. There’s not really a half-way position. We have a number of FCA licences for emoney and investments, but not a banking licence.
We find ourselves answering a lot of customer questions, such as about FSCS protection and savings accounts, that arise if people start with an assumption that we are a bank like others, so it is useful to make this clear from the beginning.
Instead we want to focus on what we CAN offer - our current account, budget tracker, fixed interest bonds to reward those who can put some money aside, and (soon) our investment options too. We don’t need the banking licence for this and so we hope to avoid this distraction.
Don’t see you have any excuse to take that view. Dozens is refreshingly transparent and open to enquiery. Currently i has no banking licence so is not a bank and says so. Whereas Revolute has a banking licence (I think from Lithuania) does that make Revolute better; I think not but never-the-less, one is, and one isn’t a bank, simples.