Powered by MOMENTUM MEDIA
Mortgage business logo

Former bank CEO joins P2P lender

Peer-to-peer lender RateSetter has appointed former ING Direct chief executive Vaughn Richtor to its Australian board of directors.

Mr Richtor has a wealth of experience in the banking sector, having served as the chief executive of ING Retail Banking Asia prior to becoming CEO of ING Direct.

RateSetter chief executive Daniel Foggo said the business was “delighted” to have Mr Richtor on the board.

“Vaughn’s track record in building loan market share in Australia is unrivalled. His focus on customers, innovation, culture and leadership has positively transformed our financial system, and helped put more money in people’s pockets,” Mr Foggo said.

“We welcome his contribution to the next phase of our evolution as we continue to grow Australia's leading retail and SMSF investor peer-to-peer loan marketplace.”

Mr Richtor said he was “extremely excited” to be working with RateSetter, saying peer-to-peer has “the potential to introduce more competition in financial services” and ultimately benefit the end consumer.

“At ING Direct we changed customers’ expectations of what a bank can offer and I see a similar opportunity for RateSetter to shake up the status quo, given the company’s ability to offer great value services to customers, whether they are lending or borrowing,” he said.

[Related: Bank boss offers fresh take on culture and conduct]

Share this article
brokerpulse

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

brokerpulse graph

What are the main barriers to securing a mortgage at the moment?