Coming into effect on 31 July 2023, the Consumer Duty replaces the ‘Treating Customers Fairly’ (TCF) policy, which was first introduced by the Financial Services Authority (FSA) in 2001.

It aims to ensure that the needs of consumers are put first without exception and that products and services offered are designed to meet those needs.

TCF has been one of MT Finance’s guiding principles since it was founded in 2008.

Since joining the company in 2019, Shyam has been responsible for shaping and implementing MT Finance’s compliance strategy in his roles as chief compliance officer, money laundering reporting officer and head of HR — previously holding positions at Barclays and the FCA.

•   What does the specialist finance industry need in 2023 and beyond?
•   Clever Lending secures £1.1m from MT Finance for purchase and renovation project
•   MT Finance promotes Gareth Lewis to MD

He joins existing directors Joshua Elash (director and founder of MT Finance), Tomer Aboody, Gareth Lewis, James Anderson, Millie Dyson and Lenka Pajkošová — as well as non-executive director Chris Patrick.

Commenting on his appointment, Shyam, said: “I am excited to be involved in the next phase of growing the business and working closely with our industry partners, to ensure the consumer remains our primary consideration.”

Joshua added: “I am pleased to welcome Shyam to the board of directors.

“In the four years he has been in the business, he has overseen our application and eventual launch into the regulated bridging finance sector — contributing greatly to the overall compliance function of the company.”