FCE Bank plc is the financial institution operating Ford Money.
Ford Money operates as a savings provider, offering various savings accounts to its customers. While it uses the well-known Ford brand name, Ford Money is not a standalone bank. Instead, it functions as a trading style of an established banking entity.
The Relationship Between Ford Money and FCE Bank plc
The underlying operations and regulatory responsibilities for Ford Money are managed by FCE Bank plc. This means that any funds deposited into a Ford Money account are held with FCE Bank plc. This organizational model is common in the financial services industry, where a recognizable brand can leverage an existing banking license and infrastructure to deliver specific financial products to the public.
| Entity | Role |
|---|---|
| Ford Money | Customer-facing brand and trading style primarily focused on offering savings products. |
| FCE Bank plc | The regulated bank that holds customer deposits, provides the banking license, and manages operations. |
About FCE Bank plc
FCE Bank plc is a wholly-owned subsidiary of Ford Motor Company. Its primary business revolves around providing wholesale and retail financial services that support the sale of Ford vehicles globally. This includes:
- Wholesale Financing: Offering financing solutions to Ford dealerships for inventory acquisition.
- Retail Financing: Providing loans and lease agreements to individual customers purchasing Ford vehicles.
- Dealer Services: Supplying capital for various dealership operations and facilities.
By extending into retail savings through Ford Money, FCE Bank plc diversifies its funding sources, gathering deposits directly from the public to help finance its core automotive lending activities.
Advantages of a Trading Style Model
Utilizing a trading style like "Ford Money" offers several strategic benefits:
- Brand Trust: It capitalizes on the strong and trusted reputation of the Ford brand for financial services.
- Specialized Focus: Allows the Ford Money brand to concentrate specifically on savings products, providing a streamlined offering to customers.
- Regulatory Efficiency: Operating under an existing bank's license simplifies the regulatory framework for the specific savings brand.
For customers, this structure provides reassurance, as deposits with Ford Money are eligible for protection under the Financial Services Compensation Scheme (FSCS) up to the relevant limits, due to FCE Bank plc being a UK-regulated bank. Further assistance and details can be found on the Ford Money help page.
