Virgin Money is owned by the Virgin Group. It is a financial services company founded by celebrity billionaire Richard Branson in March 1995. It was originally known as Virgin Direct. In the 2000s they expanded operations worldwide.
In the late 2000s Virgin Money became a retail bank and bought Northern Rock in 2012 and rebranded the business as Virgin Money.
After merging with Northern Rock, Virgin Money's credit, mortgage and insurance products were expanded, Virgin renamed Northern Rock's 75 branches as stores.
Virgin Money currently offers mortgages, credit cards, insurance, pensions, savings products and current accounts.
Virgin has ‘lounges’ in Norwich, Edinburgh, Manchester, London, and Glasgow and plan to open more.
Richard Branson has hinted that he wants to look into opening branches at trains stations as Virgin Group also manages a number of railway stations under Virgin Trains.
Virgin Money’s retail banking is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority.
Virgin Money subscribes to the Lending Code, and is a member of the Financial Ombudsman Service, the Financial Services Compensation Scheme and UK Payments Administration.