NestEgg is now regulated by the Financial Conduct Authority

NestEgg is now regulated by the Financial Conduct Authority as a provider of credit information services.

This means we can now provide tips to loan applicants on how to improve their chances of being accepted for a loan.

Decline to accept in action!

How does it work?

  1. An applicant wants to borrow. But they’re unsure they qualify. Additionally, someone may have been declined for loan.
  2. Both are referred to NestEgg.
  3. Borrowers connect their credit profile and bank account to the (upcoming) NestEgg app.
  4. NestEgg identifies areas to work on. Tips are provided e.g. improving a credit score, dealing with missed payments etc.
  5. Borrowers who act on these tips, will improve their credit profile and financial health over time.
  6. Borrowers then meet the Decision Engine accept criteria for a chosen lender. Loan providers receive a quality referral.

Will it work?

We think so. Of course, now’s the time to prove it. This is the purpose of our participation in Cohort 6 of the FCA Sandbox.

Verifiable, repeatable experiments that deliver tangible improvements to financial health. 

As a result, accept rates for loans will improve. Because of this, bad rates will fall. Consquently, responsible lenders profitability improves.

What about Covid-19?

NestEgg applied for regulatory permission before Coronavirus. However, our approach supports people affected by Covid-19.

Importantly, our five point Covid-19 recovery plan is the same set of ‘job steps’ required to improve financial health:

NestEgg 5 steps to better financial health

Now NestEgg is regulated by the Financial Conduct Authority, we will be providing this service to responsible lenders.

Get in touch to find out more.

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Adrian Davies

Adrian is a co-founder at NestEgg. He is an alternative finance and credit union expert. Adrian has 25 years’ experience in the money advice and responsible lending sectors, supporting credit unions with innovative ideas so they can grow and meet member needs.

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