Investors in collapsed peer-to-peer lending platforms have urged the City regulator to hire “a very different” kind of chair when replacing outgoing Charles Randell following several scandals including Lendy, Collateral, FundingSecure and London Capital & Finance (LCF).
Randell, who became chair of the Financial Conduct Authority (FCA) and Payment Systems Regulator in April 2018, will step down from both in Spring 2022 and has asked Chancellor Rishi Sunak to start the process of appointing his successor.
Scam victims from Lendy, Collateral, MoneyThing, London Capital & Finance and Blackmore Bond all signed a letter to Sunak calling for a change in leadership and to consider diversity when hiring a replacement chair following several scandals.
Other signatories included: Lisa Taylor, a representative of the Lendy Action Group, Steve Robinson, a scam victim of Collateral and member of the Collateral Action Group, and Rosco White, a scam victim of Collateral, Funding Secure and MoneyThing. Andy Agathangelou, founder of The Transparency Task Force, which aims to promote reform and drive up levels of diversity within financial services, also signed the letter.
The letter said that a “very different kind of chair” is required to ensure that the transformation programme promised by chief executive Nikhil Rathi amounts to a genuine step change in the organisation’s proactivity levels and culture.