Bank Aston has today been authorised* to launch a new offshore bank by the Guernsey Financial Services Commission (GFSC), making it Guernsey’s first locally-licensed bank for almost thirty years**. The GFSC has granted Bank Aston a banking licence. The licence is subject to conditions during Bank Aston’s launch phase.

Bank Aston will serve offshore trustees, investment funds and family offices who form the backbone of the Channel Islands financial services industry.

James Bennett says, “Banking is becoming a huge problem for offshore institutions. They face increasingly slow approvals, poor customer services and eye-watering fees with decisions being taken remotely by legacy banks whose risk appetite is steadily declining. This has resulted in more and more institutions being forced onshore which increases inefficiency, adds unnecessary risk and takes revenue away from the islands”.

Bank Aston is being set up to offer a better, faster and simpler banking process. Using a new onboarding process, cutting edge technology and a deep knowledge of the offshore market, trustees, investment funds and family offices can be serviced much more quickly and competitively than is currently the case.

Guernsey resident, Jay Goss, is Bank Aston’s other Co-Founder and is well aware of the current banking issues facing many offshore institutions.

Jay Goss says, “Few people realise the seriousness of the situation. The difficulties with onboarding and running accounts is starting to impact the whole industry. But there is an opportunity as well. We see Bank Aston as a commitment to Guernsey’s future and to ensuring the island remains relevant, resilient and ambitious on the global financial map”.

To support the launch, Bank Aston has appointed Kevin Brown as Chairman, a senior leader with experience at Royal Bank of Scotland, Bank of England and FCA; and Paul Gorman as CEO, who spent 20 years in senior management roles in corporate and investment banking, including at Barclays and Santander.

Paul Gorman believes that Bank Aston can help re-energise the whole offshore market, “The offshore market is huge. In the Channel Islands alone, there is over £800bn of assets under management and another £250bn in bank deposits. There are also thousands of investment funds and hundreds of family offices. We believe with our new approach we can make a huge difference and actively help the whole offshore sector”. 

Having obtained its licence, Bank Aston now moves into the build phase of the bank with the intention of launching in 2026. It will then begin taking on accepting deposits from institutional clients while rolling out its full product offer.

Kevin Brown, Bank Aston’s new Chairman, says, “I don’t think you can over-emphasise how important it is to the offshore financial community to have their own banking champion. We think Bank Aston has the potential to transform the entire offshore financial system”.

Meet Bank Aston’s Leadership Team

James Bennett, Bank Aston Co-Founder

James began his career in financial media before moving into wealth management. Along with his co-founder Jay, they built a wealth management firm in Switzerland, where he developed the unique combination of in-depth financial market knowledge and a customer-first approach. 13 years ago they purchased a UK payments company where his journey started in all things currency and banking. He is currently Chief Executive Officer of Aston Currency Management, in Guernsey and the UK. 

Jay Goss, Bank Aston Co-Founder

Having been at school and university with James, Jay helped establish a wealth management firm in 2011 before establishing Aston Currency Management in 2013. He continues to lead from the front as Chief Commercial Officer, shaping the company’s direction and vision with the rigorous discipline and focus you’d expect from an ex-Royal Marine Officer.

A proud Guernsey resident and ultra distance athlete, Jay is heavily involved in the local community and is the main driver behind Aston’s community and philanthropic efforts.

Kevin Brown is appointed as Chairman

A career banker with over 40 years' experience in a variety of roles, Kevin has been appointed Chairman of Bank Aston. He continues to serve as a member of the UK Financial Conduct Authority (FCA) and Payment Systems Regulator in Regulatory Decisions and Enforcements having recently stepped down as a Senior Independent Director and Risk Committee member at the Bank of England on the RTGS/CHAPS Board after seven years. Prior to that Kevin spent time as Chair of Audit, Risk & Governance for a UK Telco Regulator; was a global advisor to KPMG on Payment matters working in Europe, Australia, USA & Canada; and was Chairman of a Luxembourg based Fund Management Company. He set up and was inaugural chair of Faster Payments Scheme and was Global Head of Transaction Services at Royal Bank of Scotland until 2013. He also has a FinTech pedigree as a founding investor in, and board member of, FinTechs OneiD and Form3. 

Paul Gorman is appointed as Chief Executive Officer

Paul was formerly Chief Operating Officer at Aston Currency Management, having joined in 2021 with more than 20 years in financial services already under his belt, mainly in Banks. Just over 2 years ago he set up Aston CM (Guernsey) Ltd, Guernsey’s first payments company that can provide offshore-domiciled accounts. Paul has been working on building the bank application for the last 18 months. From 2013 to 2020, Paul was Head of FX, International Payments and International Cash Management for Santander UK, and before that he was in Corporate Risk Management at Barclays Capital. Paul is a CFA charter-holder and before his banking career was an Air Engineering Officer in the Royal Navy. Paul and his wife will be moving to Guernsey prior to full licencing and launch.

*Bank Aston’s registered trading name is Aston (Guernsey) Limited, which has been granted the licence.

**Guernsey’s last locally-based bank ceased trading in 1996.