RateSetter unveils new board following Metro Bank sale
RateSetter has revealed its new board following the platform’s acquisition by Metro Bank.
Paul Manduca has stepped down as non-executive chair, as reported by Peer2Peer Finance News earlier this week, as part of several board changes.
Non-executive directors Ian Boyce and Stuart Bridges have also left the board and three people from Metro Bank have joined.
Anne Grim, non-executive director at Metro Bank has joined the RateSetter board in a similar role.
Metro Bank chief executive Daniel Frumkin and chief financial officer David Arden have also joined as non-executive directors.
RateSetter founders Rhydian Lewis and Peter Behrens remain on the board as executive directors alongside Harry Russell.
Martyn Scrivens, who joined the board last year, is now non-executive chair.
The challenger bank officially completed its acquisition of RateSetter earlier this week.
The deal will see Metro Bank solely fund RateSetter’s unsecured personal loans.
The move effectively closes RateSetter, once part of the ‘big three’ platforms, to new P2P lending.
Read more: Why is Metro Bank eyeing RateSetter?
It said in a blog post that there are no changes for existing investors yet.
“RateSetter continues to manage the loan portfolio and the provision fund as before, and the provision fund continues to apply to your investment with no liability for Metro Bank,” the firm said.
“Access to your online RateSetter account and monthly statements continues in the normal way and our investor services team remains available to help with any questions you may have.
“RateSetter investors will continue to fund the ongoing essential secured residential property development, dealer finance, family finance and giffgaff lending.
“Apart from the remaining essential lending, the investor portfolio will go into run-off.
“This means the investor loan portfolio will decrease in size over time but our focus on investment performance will remain throughout.”
RateSetter’s loanbook data shows its average loan term is 27 months and the average remaining term is 19 months, suggesting its loanbook could be paid off in around two years.
