Peer-to-peer lender RateSetter has announced that Alan Hughes is to join the company as its first non-executive chairman.

Hughes has had an extensive career in the finance sector, including senior positions at both HSBC and first direct. During his tenure as CEO of first direct from 1999 to 2004, he oversaw a period of growth where the online bank trebled in size.

RateSetter was established in October 2010 and is one of the biggest peer-to-peer lending businesses in the UK. Rhydian Lewis, founder and CEO of RateSetter, described Hughes’ appointment as a “real coup” for the company.

“His record of driving innovation and growth and improving customer experience says it all really. He is rightly highly regarded for his operational excellence and he understands the market in which we operate,” explained Lewis.

“Amidst predictions that the UK P2P market will grow to £45 billion within the next decade, it really couldn’t be a better time for Alan to join.”

Hughes added that he was “delighted” to be coming onboard. “RateSetter stands out for its integrity and its customer-first approach, not just the value it offers. It is thoroughly refreshing; it has the winning formula,” he said.

“I am really looking forward to working with the RateSetter team to further develop their market-leading proposition and help them define the face of modern finance, as it should be. Offering a radically better alternative is the best way to achieve this.”

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