Richard – who previously served as one of the board’s two deputy chairs – is currently UK mortgages director at Bank of Ireland UK and will replace Miguel Sard, who is stepping down.

As a result of Richard’s appointment, Steve Hughes, chief executive at Principality Building Society, will join Lloyd Cochrane, head of mortgages at RBS, as one of the product and service board’s two deputy chairs.

Jackie Bennett, director of mortgage policy at UK Finance, said: “It’s set to be another busy year for the mortgages product and service board, particularly with the FCA’s final report into the mortgage market due in the first quarter. 

“Driving an agenda that continues to deliver good outcomes for consumers and raises standards in the sector are key objectives for the product and services board and Richard’s extensive experience of the industry will prove invaluable in helping us deliver these. 

“I am also very grateful to Miguel Sard – who Richard succeeds – for his valuable contribution.”

Richard – who will take up his new role next month – added: “Overall the mortgage market is in a good place and working well for many customers with innovation driving choice in currently underserved market segments. 

“The UK Finance mortgages product and service board plays an important role in helping deliver positive results for customers across the UK and I look forward to taking on the role of chair.”