MoneyQuest has hired Purple Circle’s former compliance and risk manager as the brokerage’s new compliance manager.
MoneyQuest has appointed Tim Donahoo to the role of compliance manager to help guide the business through the new best interests duty. Mr Donahoo fills the vacancy left by Carly Crowe, who left the company last month.
He joins the brokerage from boutique aggregator Purple Circle Financial Services, where he held a part-time role as compliance and risk manager for four months.
Before that, Mr Donahoo worked at broking franchise group Mortgage Choice, where he held several roles spanning over 20 years, most recently as head of lending operations.
During his long career at Mortgage Choice, Mr Donahoo worked underneath MoneyQuest’s current managing director, Michael Russell, who was chief executive of the major brokerage between 2009 and 2015.
Commenting on Mr Donahoo’s appointment at MoneyQuest, Mr Russell told The Adviser that Mr Donahoo is “indisputably one of the very best compliance minds in the mortgage industry”.
“Tim’s great empathy for mortgage brokers extends to him always remaining pragmatic,” Mr Russell said.
“He is able to interpret new legal obligations and design the appropriate changes to processes and procedures.”
In his role at MoneyQuest, Mr Donahoo will be responsible for managing the business’ compliance framework, enabling the business to meet its Australian credit licence obligations and implementing and maintaining privacy protocols and systems.
He will also be responsible for administering the compliance training function and will manage the corporate auditing and monitoring process for the broker network.
Writing in a LinkedIn post about his change in positions, Mr Donahoo said: “The opportunity to join this group in a full-time role was too good to not accept.
“I’m delighted to again be working with managing director Michael Russell.
“My admittedly short stay at Purple Circle Financial Services was very rewarding and enjoyable and I certainly leave that business with some regret, as the team there, both staff and broker network, are high quality.
“However, sometimes in life you are presented with openings that are too good to refuse and this was one of those instances. I very much look forward to working with the MoneyQuest team and making a meaningful contribution to its future success.”
Purple Circle Financial Services chief operating officer Frank Paratore told The Adviser that the aggregator has not yet appointed a replacement for Mr Donahoo but is in the process of doing so.
[Related: Mortgage Choice veteran joins Purple Circle]
Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.
Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.
Who do you aggregate through?
Thank you for your vote, you can see the results here.
The Federal Court has declared a number of loan contracts entered...
APRA chair Wayne Byres has dismissed the need for a cut to the bu...
From 1 July, all applications for the FHLDS will require a Notice...