Balmoral Financial, founded in 2013, claims it is the first company of its kind to be regulated by the FCA and granted full permission to provide regulated products and services.

The firm said in a statement: “Balmoral Financial has now been granted its own lending permissions by the FCA, which means that it has made a commitment to be a responsible lender, keeping up with regulation and upholding the FCA principles of fairness and affordability at the core of its business.

“It follows a period of stringent evaluation where all areas of Balmoral Financial’s business have been scrutinised, resulting in full FCA approval.”

Tom Marett, director of finance at Balmoral Financial, said: “Receipt of full permissions is a great mile stone for our business. Operating with integrity, skill, care and diligence has always been of the utmost priority for Balmoral Financial.

“Being a socially responsible lender, we focus on affordability, fairness and what is best for our customers, so receiving our full permissions from the FCA is a welcomed recognition. We look forward to keeping the FCA principles at the core of what we do, bringing financial health to the workers of the UK.”

The company stated it has aims for “changing the face of the industry” by offering an alternative to high-cost loans as “we believe that true wellbeing recognises a link between wealth and health”.

The company stated: “We know that a ‘one size fits all’ benefits scheme doesn't work due to the different ages, lifecycles and demographics of a business’ employees, so we work with our clients to understand what their staff really need and tailor our products and services accordingly. We pride ourselves on working in partnership with our clients to guide them and make the process as easy as possible.”

Balmoral said it helps employees get a “better handle on their finances” and it works closely with employers, including HR and benefits teams to “tailor our products to add real value to your staff and ultimately to your business”.