Paul will join the peer-to-peer platform’s board on 1^st June before becoming chair on 17^th July, when current chairman Alan Hughes’ three-year term expires.

Paul is currently chairman at FTSE 100 insurer Prudential and has also held roles as CEO at both Rothschild Asset Management and Deutsche Asset Management, as well as founding Threadneedle Asset Management.

“Lending as an asset class has always been a virtual monopoly for the banks and for the first time it is being opened up to ordinary investors, which is good for investor returns and for the UK economy,” said Paul.

“RateSetter is a pioneer in the sector and has set high standards.

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“I am excited to join such a forward-thinking business and look forward to helping the company embark on this new phase in its development.”

Rhydian Lewis, founder and CEO of RateSetter, said he was delighted that a figure with Paul’s stature had agreed to become chairman of the platform at such an important stage of its development.

“RateSetter is giving ordinary investors the opportunity to earn more and borrowers an opportunity to look beyond their bank.

“Paul’s experience in asset management, his reputation as a business builder and his authority in good governance can help us enormously in our aspiration to make RateSetter a benchmark brand in lending and borrowing."

RateSetter currently has over 300,000 active investors and borrowers on its platform.

The company’s outgoing chairman, Alan Hughes, added that this was an excellent appointment.

“Paul’s extensive experience means that he will provide invaluable input from a unique perspective.

“He is arriving at a very exciting time for RateSetter, with huge opportunities ahead.”