Paul Pester, the former chief executive of TSB and Virgin Money, is to join Fairer Finance's Consumer Advisory Board as its new chair.

Paul will join the board with immediate effect, taking up his position as chair after the May 2020 meeting, when the current chair, Adrian Coles OBE, will step down. Adrian has been chair of Fairer Finance's Consumer Advisory Board since its creation five years ago.

The appointment will be Paul Pester's first financial services role since leaving TSB in September 2018 and his “notice period” ending in September 2019.

Commenting on the appointment, James Daley, managing director of Fairer Finance, said: "We're very excited that Paul has accepted this important role. Fairer Finance's consumer advisory board plays a key part in protecting the company's independence, ensuring that we never put our commercial interests ahead of our mission to create a fairer financial services market.

"Paul has been a champion for fairness throughout his career from launching Virgin Money here in the UK and Australia, chairing UK Finance’s Advisory Board on challenger banks and competition in banking to, of course, establishing TSB. Most notably, at TSB he led the way by becoming the first UK bank to remove the link between sales and bonuses entirely, changing remuneration structures to focus solely on good customer outcomes. He has a clear commitment to our mission and values and with his wealth of industry experience will be a great addition to the board."

Paul Pester said: "Fairer Finance is doing important work, helping both consumers and financial services companies to build a fairer, more trusted industry. I'm delighted to be joining its Consumer Advisory Board so that I can continue with my passion for helping consumers get a better deal."

Adrian Coles OBE, outgoing chair of the Consumer Advisory Board, said: "I've greatly enjoyed working with Fairer Finance over the past five years - and it's been rewarding to see the company grow and solidify its reputation as one of the most influential voices in UK financial services.

"Paul Pester has a proven track record of building and running customer-centric businesses, and is a perfect candidate to take over from me as chair of the CAB. I wish him and Fairer Finance all the best of luck for the future."

Notes to Editors

To speak to James Daley, managing director of Fairer Finance, or Paul Pester, please send an email to media@fairerfinance.com or call the office on 020 3026 8541. Fairer Finance's Consumer Advisory Board was established in 2015 to ensure that the company never puts its own commercial interests ahead of its mission to create a fairer financial services market for consumers. The current Board members are

· Adrian Coles OBE, Chair. Former Director-General of the Building Societies Association from 1993-2013

· Otto Thoresen. Former Director-General of the Association of British Insurers and CEO of AEGON Group

· Laurie Edmans CBE. Former non-executive director at the Pensions Regulator and chair of MGM Assurance

· Sue Lewis. Ex HM Treasury and chair of the Financial Services Consumer Panel The Board meets a number of times a year to scrutinise Fairer Finance's commercial contracts, and to interrogate its ratings and commentary. It publishes an annual report, which is available on the Fairer Finance website.