The lender, which entered the UK mortgage market in 2015 and has quickly established a well-respected brand and proposition in the specialist lending sector, has commenced initial discussions with the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
Its leadership team has seen the appointment of John Maltby, who has worked at Barclays, NatWest and PWC amongst others, as non-executive chair; David Bowles, who has recently worked with various challenger banks including Shawbrook and Monzo, as chief risk officer; and Bob Golden, who previously sat on the board at Close Brothers, as chief commercial officer.
Laurence Morey, Chief Executive Officer of Pepper Money, commented:
“Pepper Money has had a strong entry into specialist residential and buy to let mortgage lending in the UK and this move is designed to further strengthen our ability to support those customers who are under served by high street lenders. It will enable Pepper to expand the range of solutions we provide to our core customers – including people with complex incomes, the self-employed, those who fall outside high street credit scoring, first- time buyers and buy to let landlords – as well as securing more diverse funding sources for the business in the form of retail deposit funding. We will also be considering targeted acquisitions to further the range of solutions we can provide for our customers as part of our growth plans. “
Colin Snowdon, Managing Director of Pepper Money said:
“It’s been a privilege and pleasure to lead the growth of Pepper Money over the last two and a half years, from its first steps through to its current leading position as a specialist lender, focused on the growing number of interesting customers. Our success has been down to a great team and to strong support from distributors, brokers, funders and our shareholders. Their backing has enabled us to build the foundations on which to build a strong bank”.
