UK Finance has appointed Richard Fearon (pictured), chief executive of Leeds Building Society, as the new chair of the UK Finance mortgages product and service board.
Lloyd Cochrane, head of mortgages, Royal Bank of Scotland (RBS), will step down after completing his two-year term.
Michelle Andrews, head of buying a home, HSBC, and Damian Thompson, managing director, Aldermore Bank, have been appointed as deputy chairs.
Fearon started his career at Oliver Wyman & Company and spent ten years at Lloyds Banking Group in senior mortgage and savings roles. He is currently CEO of Leeds Building Society, a role he has held since February 2019.
Charles Roe, director of mortgages at UK Finance, said: “Next year will be a busy time for the mortgage market as we deal with the continuing effects of the pandemic and new requirements to green Britain’s housing stock. Richard’s extensive mortgage experience will be key to our work to support members and their customers in 2022.
“I would like to thank Lloyd for his contribution over the last two years and welcome our new deputy chairs Michelle Andrews and Damian Thompson to the board.”
Fearon added: “The Mortgages Product and Service Board plays a really important role in bringing lenders together to deliver good outcomes for customers and representing UK Finance’s members in shaping the housing and mortgage market.
“As a group of lenders we can show leadership in our work with the Government and regulators on industry priorities, including decarbonising the UK’s housing stock and encouraging innovation to bring home ownership within reach of more people.
“My time as deputy chair has been both valuable and enjoyable and I’m excited to be entrusted with the role of chair.”
