BASSET & Gold has named a new director to replace Daniel Smith at one of its group companies.
Smith previously held the role of relationship manager at the Innovative Finance ISA-authorised mini-bond provider. He has now been replaced by David Kaye, who is now listed on Companies House as a director at Basset Gold Ltd.
Until March 2018, Basset Gold Ltd was an appointed representative acting under Basset & Gold’s permissions and was responsible for marketing the Basset & Gold bonds. However, this is now done by another regulated associate company called B&G Finance.
Kaye is now the sole director of Basset Gold Ltd but has been a company secretary of the regulated entity, Basset & Gold, since 2015.
He works for corporate services provider Stanley Davis which provides company formation and secretarial services.
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It comes after Basset & Gold told Peer2Peer Finance News that it is reassessing its target audience and geographical priorities, which has led to a scaling back of its UK team.
Smith has left the company and has been replaced on the board by Lisanne Mealing.
Compliance consultant Michael Messervy and marketing manager Nicolas Walters have also left the firm.
The changes have been blamed on negative sentiment towards the mini-bond market following the collapse of mini-bond provider London Capital & Finance (LFC) after the Financial Conduct Authority (FCA) found investors were misled into believing investments were ISA-eligible.