Former bank CEO joins P2P lender

RateSetter chief executive Daniel Foggo said the business was “delighted” to have Mr Richtor on the board.

“Vaughn’s track record in building loan market share in Australia is unrivalled. His focus on customers, innovation, culture and leadership has positively transformed our financial system, and helped put more money in people’s pockets,” Mr Foggo said.

“We welcome his contribution to the next phase of our evolution as we continue to grow Australia's leading retail and SMSF investor peer-to-peer loan marketplace.”

Mr Richtor said he was “extremely excited” to be working with RateSetter, saying peer-to-peer has “the potential to introduce more competition in financial services” and ultimately benefit the end consumer.

“At ING Direct we changed customers’ expectations of what a bank can offer and I see a similar opportunity for RateSetter to shake up the status quo, given the company’s ability to offer great value services to customers, whether they are lending or borrowing,” he said.

[Related: Bank boss offers fresh take on culture and conduct]