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Pepper Money eyes banking licence

Tom Belger | 17:00 Wednesday 5th September 2018

Pepper Money has announced a number of senior hires as it plans to establish a project to create a new entity to seek authorisation for a banking licence.

The lending division of Pepper (UK) Limited – which entered the UK mortgage market in 2015 – has revealed that it will be appointing John Maltby as non-executive chair, David Bowles as chief risk officer and Bob Golden as chief commercial officer, subject to regulatory approval.

All three have experience in the banking industry, with John previously serving as group commercial director at Lloyds Banking Group.

David has worked with a number of new challenger bank entrants, including Shawbrook and Monzo, while Bob has held board positions with Close Brothers.

Laurence Morey, CEO at Pepper Money, said the move was designed to further strengthen its ability to support those customers who were underserved by high street lenders.

“It will enable Pepper to expand the range of solutions we provide to our core customers – including people with complex incomes, the self-employed, those who fall outside high street credit scoring, first-time buyers and BTL landlords – as well as securing more diverse funding sources for the business in the form of retail deposit funding. 

“We will also be considering targeted acquisitions to further the range of solutions we can provide for our customers as part of our growth plans.

“It’s an exciting time for Pepper as we look to convert our specialist lending platform into a leading specialist bank and I am delighted to welcome John, David and Bob to the firm. 

“It’s a tribute to the strength of Pepper’s achievements that we have been able to attract such high-calibre individuals and I look forward to working with them all.”

The new hires will join the existing Pepper Money team of Laurence, Warren Justice, chief financial officer, Richard Spinks, chief operating officer, and Colin Snowdon, managing director.

“It’s been a privilege and pleasure to lead the growth of Pepper Money over the last two-and-a-half years, from its first steps through to its current leading position as a specialist lender, focused on the growing number of interesting customers,” said Colin.

“Our success has been down to a great team and to strong support from distributors, brokers, funders and our shareholders.

“Their backing has enabled us to build the foundations on which to build a strong bank.”

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