Mobile-only bank Atom has postponed the launch of its current account offering until 2018 at the earliest.
The bank confirmed it has taken the “tough decision” to do this in case further regulatory restrictions are imposed on current account providers. It said further regulation would create ambiguity and uncertainty for Atom.
An Atom spokesperson said: “We know the current account is a product our customers want to see, and rest assured that we continue to invest in the technology, payments and operational capabilities needed to make it possible.
“A current account is firmly on our agenda, but we want to get it right and avoid wasting money.”
In March this year, Atom agreed terms for a further £83m in equity, bringing the bank’s total capital raised to £219m – this was a prelude for the launch of further products, including the current account.
At the time, Anthony Thomson, Atom’s founder and chairman, said: “With the work we have done so far we are just beginning to see how transformational our new approach to banking can be. There is so much more to come from Atom in the coming months and years”.
Atom launched in April 2016 offering two fixed saver accounts along with SME lending via a panel of specialist business intermediaries.
After a six-month period of invite-only users using the platform, the bank opened its doors to all UK customers in October 2016.