Credit Management magazine October 2017

Goldman Sachs to launch new
consumer lending arm
GOLDMAN Sachs is considering launching
a consumer lending arm in the UK, to
compete with the likes of Zopa and
RateSetter.
The investment bank is reportedly
looking to expand its retail banking
business in the UK, initially with savings
accounts, but potentially moving into
lending too.
Goldman Sachs has traditionally been
known for wealth management and
investment banking services. However,
last year it began offering high-interest
online savings accounts in the US which
can be opened with deposits of just $1
(76p), and followed this up by launching
Marcus By Goldman Sachs, an online
New addition to UK finance board
LORD Macpherson of Earl’s Court, the
former permanent secretary to the
Treasury, is set to join the UK Finance
board. The board of the newly-established
trade association is led by UK Finance
chair Bob Wigley and comprises 19 other
senior industry representatives across
retail, SME, wholesale and consumer.
Lord Macpherson – who is the chair of
the privately-owned bank C Hoare & Co –
will lead on private banking. UK Finance
was formed on 1 July and represents
around 300 firms in the UK providing
credit, banking, markets and paymentrelated
services.
Its members offer a wide range of
financial and advisory services across
both mutual and corporates, representing
regional, national, domestic and
international businesses. The board has
been developed to ensure senior and fair
consumer lending platform.
The bank may be looking to replicate
this approach in the UK, with plans to
unveil an online deposit business by the
middle of 2018.
Stephen Scherr, Head of Strategy at
Goldman Sachs confirmed that the next
step would be to launch a consumerlending
arm, taking on the UK’s big P2P
names.
Marcus, which offers loans of up to
$30,000 to consumer borrowers, has
already passed $1 billion in loans since
launching in October 2016 with the
target of passing $2 billion by the end of
this year.
goldmansachs.com
Northern Powerhouse
The British Business Bank has announced a new £15 million fund to support businesses
in the North West. The Government-backed bank has partnered with MSIF – a Liverpoolbased
loan and equity provider – to launch the North West Business Growth Fund. The fund
is the first investment fund under the British Business Bank’s Help to Grow programme and
will support established businesses which are seeking development capital.
british-business-bank.co.uk
representations across the industry. Its
main focus will be on issues of importance
to retail, SME and wholesale customers,
including ethics, financial inclusion,
financial fraud, crime, access to markets
and diversity.
UK Finance says that its board will also
ensure the consumer voice is represented
via the inclusion of a strong, independent
consumer champion, while significant
overlap of board members with the banking
standards board will support a close
cooperation with its work to promote high
standards across the industry.
“Lord Macpherson’s appointment
completes the UK Finance board and is
another significant milestone for our new
association, providing representation for
our members in the private banking space,”
says Bob Wigley.
ukfinance.org.uk
>NEWS
IN BRIEF
OPEN FOR ENTRIES
ENTRIES for the CICM British Credit
Awards 2018 are being welcomed and
businesses have until 27 October to
submit entry forms for the 18 categories.
Further information can be found on the
website:
cicmbritishcreditawards.com.
Aldermore
appoints Chief
credit officer
Aldermore has appointed John Wood to the
newly-created role of Chief Credit Officer.
John joins Aldermore from Royal Bank of
Scotland where he has worked for the last 27
years in a variety of portfolio management
and risk roles.
More recently he had responsibility for
the embedding of a credit risk management
framework in its asset and invoice finance
businesses. He has also held a variety of
senior credit risk roles involving credit
sanctioning, credit risk appetite and policy
frameworks, credit portfolio oversight
and day-to-day credit origination and
management.
In his new role John will report to
Christine Palmer, Chief Risk Officer, and
will join the Bank’s Group Risk Senior
Leadership Team. He will be based at the
Bank’s Reading office.
aldermore.co.uk
DIGITAL AGENDA
PHILLIPS & Cohen Associates (PCA) has
moved to strengthen its position as an
innovator of digital offerings to consumers.
Echoing the theme of the recent CFPB
guidance on consumer contact strategies,
the group has appointed Bob Bednar as
SVP Consumer Communication and Digital
Strategy, to lead its digital innovation
agenda. Bob is described as a recognised
consumer communications and marketing
specialist with over 20 years’ industry
experience and is ideally equipped to build
on PCA’s success in this field to date.
phillips-cohen.co.uk
CICM
IN BRIEF
This month's briefing includes details of
the CICM British Credit Awards and how
you can enter, CICM training courses
including telephone collections for
the construction industry, and CICM
Apprenticeships.
The Recognised Standard / www.cicm.com / October 2017 / PAGE 9