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RateSetter Makes Shrewd Appointment

A quick update on leading peer-to-peer platform RateSetter, which has on-boarded a new Head of Compliance.

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The alternative finance-focused sessions at yesterday’s Innovate Finance Global Summit kept coming back to two major challenges faced by the industry: the threat of cyber crime and the complexity of compliance. RateSetter has now taken steps to address the latter. Simon Pearse, a 13 year veteran of the risk, compliance and regulatory space, has joined the peer-to-peer lender in the newly minted role of Head of Compliance.

Mr. Pearse boasts a deep and diverse résumé. He led the development of the regulatory risk framework for “challenger bank” OneSavings Bank plc and spent 8 years as senior manager at the FSA/FCA. During that time, Mr. Pearse specialized in insurance sector risks. He spent a number of years leading a consultancy operation in Asia-Pacific – analysing strategy, market entry, risk frameworks, due diligence and multi-country compliance development for financial services firms. A particularly useful ally for RateSetter, then, given the platform’s ambitious plans for overseas expansion which have already kicked off down under.

At RateSetter, Mr. Pearse will doubtless be initially absorbed by ensuring that the platform remains fully compliant ahead of the August 2015 regulatory deadline. Beyond that, his responsibilities will be geared around steering the RateSetter ship through the constantly shifting regulatory complexities of this highly dynamic industry.

RateSetter Founder and CEO Rhydian Lewis was thrilled with the hire:

“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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Simon Pearse

Head of Compliance

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