HML has appointed Graham Donald to spearhead the firm’s entry into the £220bn unsecured lending market as an end-to-end loan administrator.
Donald joins HML with 25 years experience in the personal loans industry, including 18 years with Lloyds Banking Group, and will concentrate on establishing HML’s position in the market.
The outsourcer will partner with Harrogate-based instalment credit specialists Nostrum Group.
Donald says: “We will use Nostrum’s award-winning technology and expertise in combination with HML’s multi-site resource to provide a very attractive end-to-end outsourcing service for large and small providers of personal loans.
“Set up costs and gauging the appropriate level of resource to manage customer accounts are barriers that many new entrants face, but as an experienced outsourcer, we’re able to provide a one-stop solution so lenders can quickly enter the market. We can also offer existing lenders a cutting-edge platform to board their legacy loan books on, to save them the cost of upgrading their existing platform.
“The major players in unsecured personal loans are still the high street banks, but a number of specialist lenders are entering the market and there have been expressions of interest from foreign banks looking to capitalise on high consumer demand, so it is an exciting time for HML to be in the market”, he concludes.
Donald will report to Ian Cornelius, who joined from Virgin Money.
Cornelius says Donald’s appointment demonstrates HML’s ambition to compete in new markets.
He says: “Graham is well-known in the personal lending market, which he knows inside out and I know HML will benefit from his expertise. He understands what third party administration should look like from a lender’s perspective, and we have tailored our proposition to meet the expectations of lenders and their customers.”