Virgin Money a member of Virgin Group which provides a range of financial products including current and savings accounts, investments, mortgages, payment cards, insurance and pensions. On 21 October 2019, the business of Virgin Money plc was transferred to Clydesdale Bank PLC.
Due to regulatory requirements Virgin Money Plc performs KYC/AML checks when establishing business relationships with a new client. While onboarding a private individual Virgin Money Plc will ask him/her to provide the following documents: passport, ID card, utility bill, income details. For corporate clients Virgin Money Plc will ask to provide corporate documentation as well as information about controlling persons. Virgin Money Plc may request additional documentation or information depending on the case.
Virgin Money Plc is the 18th largest bank in the United Kingdom in terms of total assets. In 2018 its total assets were 44 790,90 mln GBP, providing the bank with the market share of 0.50%. In 2018 the bank's annual profit was 71,00 mln GBP.
Virgin Money Plc is rated by Fitch. Long-term credit rating assigned to the bank by Fitch is BBB+ (good credit quality).
Virgin Money Plc participates in the deposit guarantee scheme of the United Kingdom. This deposit guarantee scheme applies to current accounts, savings accounts, time deposit accounts made by private individuals, companies and covers up to up to 85,000 GBP per bank per depositor. Virgin Money Plc is a member of Financial Services Compensation Scheme (FSCS) and makes its contributions into it.
Virgin Money Plc is headquartered in Newcastle-Upon-Tyne.
Virgin Money Plc is authorized and supervised by the Financial Conduct Authority (reference number 503963).