Leading peer to peer lending platform RateSetter, has hired Simon Pearse as head of compliance. Described as an “industry heavyweight”, Pearse previously spent 8 years as a senior manager at the FSA/ FCA and also led the development of the regulatory risk framework at OneSavings Bank plc.
During his time with the regulatory agency, Pearse 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. This is a new position within RateSetter will and Pearse will develop and manage the platform’s approach to regulatory and financial crime risks.
RateSetter has experienced “exceptional growth”, according to the firm, and shares that its platform now accounts for “over half of the UK P2P consumer market”. RateSetter views this new hire as strategic in setting “rigorous industry standards” in the evolving peer to peer ecosystem.
“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”, stated Rhydian Lewis RateSetter’s Founder and CEO.
“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.”
Pearse was quoted on his new appointment;
“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.”