Castle Trust has been given a vote of confidence for its management and forecast financial strength.

The firm, which is yet to receive FSA authorisation, commissioned actuarial consultancy firm AKG to report on its financial strength and security. AKG confirmed that the company’s tier one capital ratio – forecast to be in excess of 20% at all times – compares very favourably with the large banks’ tier one ratio of around 10%.

The report said Castle Trust “appears more than adequately capitalised for the business it intends to undertake””.