UK short term loan provider Amicus Finance is in the early stages of negotiations with the Financial Conduct Authority on seeking a UK banking licence the Financial Times (FT) has reported, citing undisclosed sources.

According to the paper, Amicus Finance chief executive officer John Jenkins is planning to launch a retail bank with a focus on property-based lending.

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Jenkins told the publication that although the firm could raise institutional funds to lend, a bank licence provided access to retail deposits and a wider range of capital sources.

"It’s important for us to get into the spaces we want to be in and then grow to critical scale," Jenkins said. "There is a receptive market for new banks."

Jenkins revealed that he was also considering the rapidly growing peer-to-peer sector as a way to attract retail funding. "The question is, should I have a peer-to-peer site — do you need to be a bank to access the retail market?"

Prior to joining Amicus, Jenkins was the chief executive officer at GE Capital UK. In 2012, he led the application process for a bank licence when GE Capital Direct was established as an online savings bank.

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Amicus currently offers first and second charge lending on residential and commercial investment properties for purchase, refurbishment and development.

Earlier this year Amicus Finance bought a majority stake in London-based brokerage, Norton Folgate Capital Group Limited, including Norton Folgate Capital Consulting LLP.

Leasing Life requested a comment from Amicus Finance on their intention to apply for banking licence, but had not received a response by the time of publication.