Yesterday Sky News revealed that Thomson plans to unveil Atom as a digital-led bank which will operate without a branch network.
Sources said that licence applications were about to be submitted to the FCA and the PRA whilst also confirming that the new bank plans to include loan products, as well as current and savings accounts, in its range.
Whilst there has been no confirmation that the bank will offer mortgages the name choice Atom has been met with surprise in the finance industry, not least from Jannels.
He said: “Naturally I am surprised at their choice of name given that there is already a well established, multi award winning company, in the mortgage sector with the name of AToM.
“Also that we have been trading under that name for more than 23 years.”
And he added: “Of course, flattery is the best form of compliment but I would hope that the bank might review and reconsider given their proposed timescale to market entry.”
Robyn Hall, publishing editor of Mortgage Introducer, was equally puzzled by Thomson’s choice of name for his new venture.
Hall said: “I’m surprised that Thomson has chosen the name Atom for his new bank. AToM, the packager, has been in the mortgage market since 1991 and has a very high profile.
“Back in February it was one of four packagers that set up packager alliance Equis so they have hardly been hiding their light under a bushel and even featured on our front cover in May 2011.”
Atom is set to start trading in 2015 With Thomson acting as chairman and First Direct chief executive Mark Mullen in the role of chief executive.
Thomson was unavailable for comment.
More to follow...