John Webster leaves Swift

16 August 2011 | By Natalie Thomas

Webster joined Swift in 2006, having previously worked as managing director of Preferred Mortgages for five years.

Webster officially left on Friday but says he has been absent from the business for the last two years for personal reasons.

He says: “I am sorry to leave Swift, but my two-year absence from the business meant it wasn’t possible for me to carry on as CEO and I left by mutual agreement.”

Webster says after a short break he will be looking to work again in financial services.

Andrew Punch, operations director at Swift, is believed to have taken over Webster’s role.

In June, the Office of Fair Trading ordered Swift to improve its practices or risk losing its licence.

Its investigation found the lender was failing to check whether applicants could afford  loans or to verify their income.

Mortgage Strategy revealed in December 2010 that Swift was also being investigated by the FSA for its handling of borrowers in arrears and had set aside £9.4m to cover a potential fine and other costs.

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