Hughes will become the UK platform’s first Non-Executive Chairman. He brings with him a wealth of experience and acclaim from the world of traditional finance. Hughes has held senior positions at First Direct and HSBC. During his time as CEO of First Direct, he steered the company to the title of UK’s most recommended bank. First Direct trebled in size beneath his guidance, as well as enjoying a significant increase in profits during his tenure and boasting the then best regulatory record within the world of banking.
Alan Hughes commented on his appointment:
“I was delighted to be invited to join RateSetter. Rhydian and his team have built an impressive operation that offers vastly better value and customer service than all the alternatives. RateSetter stands out for its integrity and its customer-first approach, not just the value it offers. It is thoroughly refreshing; it has the winning formula.”
“I am really looking forward to working with the RateSetter team to further develop their market-leading proposition and help them define the face of modern finance, as it should be. Offering a radically better alternative is the best way to achieve this.”
Rhydian Lewis, Founder and Chief Executive of the platform, added:
“It is a real coup to have attracted a Non-Executive Chairman of Alan’s calibre.”
“His unrivalled record of driving innovation, integrity and growth in retail banking, and improving customer experience, says it all. He is rightly highly-regarded for his operational excellence and understands the market we are competing in.”
“He also has vast experience of regulatory issues, which is important as we meet the challenge of maintaining consumer confidence. We are all hugely excited about what Alan will bring to the business.”
“Amidst predictions that the UK P2P market will grow to £45bn in the next 5-10 years, it really couldn’t be a better time for Alan to join.”
Hughes comes to RateSetter at a time when a number of the world’s leading platforms seem to be allying themselves with similarly respected/experienced financial superstars. Only two weeks ago Funding Circle welcomed Robert K. Steel – CEO of Perella Weinberg Partners – to the Board. Not only are such appointments bound to expose the platforms to invaluable insight and expertise, they are in themselves a marker of the increasing legitimacy and widespread impact of the alternative finance industry.