Recognise Financial Services, the latest challenger brand taking aim at the SME sector in the UK, has appointed Philip Jenks as chairman as it progresses its banking license application.
In 2018, SME finance house City of London Group acquired Echo Financial Services as a vehicle to create a new bank for the "retail and business deposits market", subject to a successful application for a banking licence. Recognise is being led by Jason Oakley, previously Metro Bank, Managing Director, Commercial.
Philip Jenks has over 40 years’ experience in the financial services and mortgage industries. Beginning his career with Halifax Building Society, Jenks has held a number of non-executive roles at Charter Court FS and Leeds Building Society.
His appointment follows those of Arachnys CFO Louise McCarthy, former KPMG partner Richard Gabbertas and Simon Wainwright, MD and COO for Europe, Middle East and Africa at global reinsurer RGA, as independent NEDS of Recognise.
In October, Recognise hired PwC technology consultant Monica Velasquez-Torres as chief technology officer, with a brief to sketch out a blueprint for the future bank's cloud-based core technology platform and architecture.
Michael Goldstein, CEO at City of London Group says: “Philip’s proven leadership skills, breadth of experience, his track record of growing businesses and specifically his deep understanding of the regulatory environment and the banking authorisation process, are invaluable to the Recognise Board as we progress our SME banking licence application. He joins an executive team that has extensive experience of operating in the regulated banking sector and building SME banking portfolios.’’