P2P lender RateSetter hires former FSA man Simon Pearse as head of compliance

Source: RateSetter

The UK’s leading peer-to-peer (P2P) lender RateSetter has hired Simon Pearse to join the Company in a new role as Head of Compliance.

The announcement follows a year of exceptional growth for RateSetter, which now accounts for over half of the UK P2P consumer market. Simon’s appointment will allow the Company to capitalise on the opportunities available in the booming sector, ensuring it remains fully compliant ahead of the regulatory deadline of August 2015. As the UK’s leading platform, it is important that RateSetter continues to hire the best talent, enabling the Company to help set rigorous industry standards in a fast-changing landscape.

Simon joins RateSetter with 13 years’ experience in risk, compliance and regulatory affairs. During his diverse career, Simon has led the development of the regulatory risk framework for ‘challenger bank’ OneSavings Bank plc and spent eight years as a senior manager at the FSA/FCA.

During his time with the regulator, he was responsible for insurance sector risks and spent a number of years leading a consultancy operation in Asia-Pacific covering strategy, market entry, risk frameworks, due diligence and multi-country compliance development for financial services firms.

In the newly formed role at RateSetter, Simon will develop and manage the Platform’s approach to regulatory and financial crime risks, building on the Company’s existing focus on its customers’ best interests.

RateSetter’s Founder and CEO, Rhydian Lewis commented: “We are delighted to have Simon joining RateSetter. He brings significant experience in risk management and compliance to the team ahead of the important regulatory deadline later this year.

“The fact that we are hiring such a senior body and creating this new role is a sign of the industry’s increasing maturity and reflective of our ongoing focus on risk mitigation. We hope that Simon’s influence will help the Company continue to go from strength to strength as the UK’s leading P2P platform in size and compliance.”

Simon Pearse also commented: “P2P is an exciting and fast growing industry which I am thrilled to be getting involved with. In relatively young and fast-paced industries such as this, it is crucial that compliance and risk mitigation are kept front of mind.

“RateSetter already has robust risk systems in place, including their innovative Provision Fund. However, as the sector continues to pick up pace, my role will be to continue to build ‘best in class’ and effective risk management, ensure we are compliant with all regulatory requirements and, importantly, continue to ensure customers’ interests and money are stringently protected.”

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