People Moves

P2P Lender In UK Appoints Industry Luminary As Special Advisor

Tom Burroughes Group Editor London 21 June 2016

P2P Lender In UK Appoints Industry Luminary As Special Advisor

This publication carries latest news of moves and hires in global wealth management.

LendInvest, the peer-to-peer lender focused on property, has appointed Stephan Wilcke, former executive chairman of OneSavings Bank, as a special advisor.

Wilcke’s financial services career spans nearly 25 years and combines a mix of leadership roles at commercial, government-backed and regulatory institutions. He held the chairmanship of OneSavings Bank, the FTSE 250 specialist finance lender, until it became the first challenger bank to hold an IPO in London in June 2014. After the listing, Wilcke continued to serve on the bank’s board as a non-executive director until May 2016. 

In other roles, he was chief executive of the UK Treasury’s Asset Protection Agency from 2009 to 2012. The agency helped the UK’s most troubled banks repair their balance sheets and stem losses caused by toxic assets. 

He is currently a commissioner of the Jersey Financial Services Commission, and chairman of Amigo Loans, the UK’s guarantor lending business. He was a former non-executive director of Greece’s Hellenic Financial Stability Fund. 

In recent years, there has been a rapid growth in the number of crowd-funding and peer-to-peer websites as a result of traditional sources of loans and financing drying up since the financial crisis as banks seek to minimise risk. In the first quarter of 2016, cumulative lending of such entities stood at £5.1 billion, according to the Peer-To-Peer Finance Association. There are a total of 141,241 lenders.

Peer-to-peer lending focuses on linking companies or individuals that want to borrow money with those that want to lend without using an official financial institution as an intermediary. As a result, peer-to-peer lenders can often offer more competitive borrowing and saving rates as there is no bank acting as a middleman.

Peer-to-peer lending and crowdfunding became regulated by the Financial Conduct Authority on 1 April 2014 with the aim of tightening up controls on the sector and to give investors clearer information about what they are investing in to prevent potential abuses.

 

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