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About PCF Bank

PCF Bank was established in 1994 to bring two qualities into motor vehicle, SME asset finance and property finance: simplicity and customer focus

We are a specialist in these areas and have helped over 100,000 consumers and businesses by providing them with hire purchase, finance lease and mortgage facilities. Now, we are applying the same qualities with which we made our reputation to the wider world of banking.

Simple banking at your service

In December 2016, we were authorised as a bank. This is supported by more than 25 years of solid growth, both organic and through acquisition. With a finance portfolio of over £350 million, and 20,000 customers, you can rest assured that our professional and personable service has been thoroughly tested.

We offer not only the services on which PCF Bank was built, but an equally competitive range of savings products for our customers. Developing into a bank has made us more competitive and flexible, allowing us to better serve our existing customers, and also to attract more new customers who can benefit from our simple, personal, approach to finance.

Independent and innovative

At PCF Bank, simplicity is more than just a buzzword – It is a tangible benefit that we seek to deliver. One of the ways in which we achieve this is through our independence. It enables us to have short lines of communication, so that we can make quick decisions. Another important way in which we differentiate ourselves from other providers is through innovation: in particular, the development of our own internet-based proposals system, eQuote, and our internet-based application process for savings customers. These systems allow us to process applications for finance and savings accounts with new levels of speed and efficiency.

Experts you can rely on

We think that customer focus is easy to define: employing the best people, to deliver the best service, for each of our customers on an individual basis. As a result, our highly skilled and experienced underwriters evaluate all applications for finance on a case-by-case basis, rather than simply relying on credit scorecards. Like everyone who works at PCF Bank, their main objective is to offer a service that is professional and personal, forging lasting relationships with our customers that benefit everyone involved.

 

Tim Franklin

Independent non-executive Chairman

Tim has extensive experience in the financial services industry having worked for over 30 years in retail banking and in the building society sector. Tim served as a non-executive director of the Post Office for over 7 years until December 2019. He remains Chairman of Post Office Insurance. Additionally he is a non-executive director of Computershare Loan Services. Tim is an Institute of Leadership & Management Level 7 Coach and works extensively with senior executives across many industries, both in the UK and internationally. In addition he is an Associate of the Chartered Institute of Bankers.

Christine Higgins

Independent non-executive Director

Christine is a chartered accountant with over 25 years' experience in asset finance, for UK and international banks. Over the last 9 years, she has served as non-executive director on a number of boards in the health, housing, leisure and finance sectors, including as chair of the audit committee. She is currently a non-executive director of Buckinghamshire Building Society and chairs its audit committee. Christine is the Chair of the Audit & Risk Committee and a member of the Nomination Committee and the Remuneration Committee.

David Morgan

Non-executive Director

David has over 35 years' experience in international banking, building his career at Standard Chartered Bank in Europe and the Far East. Since leaving Standard Chartered in 2003, he has been involved in a range of business advisory and non-executive roles. He is currently a non-executive director of Somers Limited, Bermuda Commercial Bank Limited and Waverton Investment Management Limited. He is also Chairman of Harlequin FC, the Premiership rugby club. David is a member of the Audit & Risk Committee, the Nomination Committee and the Remuneration Committee.

David Titmuss

Independent non-executive Director

David has over 25 years’ experience in both large and small financial services organisations, with a particular emphasis on customer acquisition and database management. His corporate background includes working at a senior level in public and privately backed businesses. He has also led companies both as CEO and as a board director. Latterly, David headed the marketing function of webuyanycar.com and is recognised as an expert in digital marketing and advising businesses on cost-effective customer acquisition. David is the Chairman of the Nomination Committee and the Remuneration Committee.

Mark Brown

Non-executive Director

Mark was Chairman of Stockdale Securities from November 2014 until it was bought by Shore Capital in April 2019. He was previously Chief Executive of Collins Stewart Hawkpoint and brings a wealth of experience and leadership in both small and large financial services business. Having worked as Global Head of Research for ABN AMRO and HSBC and as Chief Executive of ABN’s UK equities business, Mark led the successful turnaround of Arbuthnot Securities followed by Collins Stewart Hawkpoint. Mark is a member of the Nomination Committee and the Remuneration Committee.

Marian Martin

Independent non-executive Director

Marian Martin is a chartered accountant with a background in risk management and audit. Most recently, Marian was at Virgin Money for 11 years and was Chief Risk Officer throughout a period of significant growth and strategic development of Virgin Money and its risk function, including the successful listing of Virgin Money on the London Stock Exchange. Marian was an Executive Director of the main trading companies of the Virgin Money group during this period. In addition, Marian is a non-executive director at Castle Trust and Starling Bank. Marian is a member of the Audit & Risk Committee, the Nomination Committee and the Remuneration Committee.

Andrew Barber

Chief Technology Officer

Andrew joined PCF Group in June 2002 and is responsible for developing and managing the IT and cyber strategy within the Group. Andrew oversees the management of systems, operational resilience and third-party vendor management. As a PRINCE2 Registered Practitioner, Andrew is instrumental in ensuring change is managed successfully within the Group. Andrew is a member of the Smaller Banks Operations & IT Forum (SBOITF) and is one of the founding members of the recently established Specialist Bank Security Forum (SBSF).

Jason McCabe

Chief Risk Officer

Jason joined PCF Group in October 2016 and is responsible for the chief risk, compliance oversight and money laundering reporting senior management functions. He has over 15 years’ experience in risk management and compliance and joined from Royal Bank of Canada, where he spent 8 years in various senior roles, including the Global Head of Operational Risk for Treasury Market Services and the Chief Risk Officer for RBC Investor Services UK.

Jim Coleman

Chief Capital Officer

Jim joined PCF Group in October 2016 to oversee the establishment of a Treasury function in preparation for bank mobilisation in 2017. Since mobilisation, he is responsible for funding, liquidity and asset and liability management and funds transfer pricing. Jim has over 30 years’ experience of bank and building society financial management, is a Fellow of the Association of Corporate Treasurers and holds an MBA from Imperial College Business School.

Suzie Yong

Chief People Officer

Suzie joined PCF Group in August 2019 and is responsible for Human Resources and Office Management for the company. Suzie has over 20 years’ HR management experience in both private and public sectors with her last role as Head of HR in Fintech where she was responsible for the set up and management of HR operations globally to 22 countries. Suzie has several years’ experience working as an Associate Lecturer and Assessor on CIPD courses at the International Financial Services Centre (Dublin) and is a Chartered Member of the Chartered Institute of Personnel and Development.

Liam Missen

Head of Commercial Initiatives

Liam re-joined PCF Group in August 2017 and is responsible for identifying new products and strategic opportunities across the Group. Liam’s focus is on developing existing business lines and expansion into new markets, either organically or through M&A. Liam has over 20 years’ experience in consumer finance, and his work in transformational change and innovation have been recognised nationally by UKFSEA and BESMA respectively. Liam holds a Professional Diploma in Banking and Finance (PDipB&F) and a Diploma in Asset Finance (DipAF).

Gavin Scott

Sales & Marketing Director

Gavin co-founded Azule in 2004 where he held the position of Managing Director. Gavin was responsible for growing the business from a small independent brokerage to a company that had a loan portfolio of 16m and was originating 50m of business. Gavin was involved in expanding the services of Azule from the UK into Europe to support its major manufacturers such as Sony and Canon. Azule is a specialist asset finance provider for broadcast/media, live entertainment and audio visual equipment, it was acquired by PCF in 2018. Gavin is now responsible for Sales and Marketing activities across the Group including Consumer Finance, Business Finance, Property Finance and Azule. Gavin has over 20 years of asset finance experience having originally started in sales for a specialist media asset finance company in 1998.

Garry Stran

Chief Executive Officer (interim)

Garry is a financial services professional having had a variety of roles in listed, owner managed, state and private equity controlled businesses. He has extensive experience across financial services with a focus on credit risk management, operation transformation and M&A. Garry’s early career was with Nationwide Building Society where he was a senior executive and a member of Retail Credit Committee. Since then he has worked extensively in private equity as both a founder, CEO, NED and Chairman. Garry was a non-executive director of Computershare Loan Services Ltd for six years including chairing the Audit and Compliance Committee for part of that time. He has joined us from a leading fintech lender where he played a key role in supporting their rapid growth plans. Garry is a Member of the Institute of Credit Management (MICM) and holds the Finance and Leasing Diploma.

Caroline Richardson

Chief Financial Officer

Caroline has significant experience as a finance director, most recently as Chief Financial Officer and Board Member at White Oak UK, where she was responsible for finance and treasury and helped develop their response to the pandemic. Additionally, Caroline has a strong knowledge and understanding of PCF’s reporting requirements both as a listed entity and bank, having previously served as Group Finance and Transformation Director at Arrow Global PLC and led the Co-operative Bank’s financial reporting for two years as Chief Accounting Officer. Whilst at the Co-Operative Bank, she was one of their key contacts with the PRA. Caroline has more than 25 years’ experience in finance and banking, including twelve years at Deutsche Bank, latterly as UK Finance Director, working within the UK regulatory environment. Caroline qualified as an accountant at PricewaterhouseCoopers and has a First-Class Honours Degree in Economics from the University of Hull.

Corporate Governance and the Board of Directors

The Board of Directors consists of 4 independent non-executive directors, 2 non-executive directors and 2 executive directors and is chaired by Tim Franklin, an independent non-executive director. The Nominations Committee considered the appropriateness of the Board’s composition during the year and concluded that it has the appropriate mix of skills and experience to fulfil its responsibilities. The Board operating as a broader Board Committee also includes other executive directors and senior management as standing members, The Board and its Committee meets no less than 9 times a year and its primary responsibility is to provide leadership to the Group, set the Group’s strategic objectives and to develop robust corporate governance and risk management practices. The Board delegates specific powers to other committees, details of which are set out below.

Executive Committee

The Executive Committee (ExCo) consists of 2 executive directors and the senior management of the Group with functional responsibilities. It is chaired by Garry Stran and meets monthly to deliberate and take policy decisions on the effective and efficient management of the Group. It also serves as a processing forum for issues to be discussed at the Board level. ExCo’s primary responsibility is to ensure the implementation of strategies approved by the Board, provide leadership to the management team and ensure efficient deployment of the Groups resources, including capital and liquidity.

Audit Committee

The Audit Committee (AC) consists of 3 non-executive directors and is chaired by Christine Higgins, an independent non-executive director. AC meets no less than 4 times a year and is primarily responsible for monitoring the integrity of the Group’s financial statements, the effectiveness of the internal audit function and external auditor, and the effectiveness of the financial controls and the control environment.

Risk Committee

The Risk Committee (BRC) consists of 4 non-executive directors and is chaired by Marian Martin, an independent non-executive director. BRC meets no less than 4 times a year and is primarily responsible for monitoring the integrity of the risk management framework, the defining and monitoring of risk appetite and the effectiveness of risk management systems.

Nomination Committee

Nomination Committee has delegated responsibility from the Board for reviewing the structure, size and composition of the Board. Membership of the Nomination Committee is limited to non-executive directors and chaired by Tim Franklin. 

Remuneration Committee

Remuneration Committee has delegated responsibility from the Board for the performance of the executive directors, succession planning and remuneration of the directors and other senior executives. Membership of the Remuneration Committee is limited to non-executive directors and chaired by David Titmuss. Where appropriate, the Remuneration Committee consults external advisers on remuneration and regulatory issues to align with the strategic aims of the Group and regulatory compliance requirements. 

Remuneration Policy and Disclosures

The approach taken by PCF Group plc (“Group” or “PCF”) in respect of remunerating its staff emanates from a combination of regulatory guidance and in particular the dual-regulated firm’s Remuneration Code SYSC 19D, as appropriate for Level 3 firms, and the rules on remuneration as published by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA). Due to the size of our business, the Group applies the dual-regulated firm’s remuneration principles proportionality rule, SYSC 19D.3.3R (2), to ensure the practices and processes we promote are appropriate to our size, internal organisation, and the nature, scope, and complexity of activities. In applying PRA and FCA guidance, PCF classifies its employees as either Code or Non-Code Staff. Code Staff are comprised of Executive and Non-Executive Directors, and other Code Staff which includes Senior Managers covered by the Senior Managers Regime. No staff have been classified as Material Risk Takers. Other key individuals are covered under the scope of the Conduct Regime. Information on the Group’s Remuneration Code is set out in its Pillar 3 Remuneration Disclosures in the Financials subsection of the Investors section of our website www.pcf.bank in March 2019.