New specialist lender Afin Bank has appointed David Kenmir to its board as an independent non-executive director (NED).
Kenmir has more than 30 years of experience in financial services, having spent 10 years at the Financial Services Authority (FSA), which preceded both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
He also spent time as the regulator’s chief operating officer.
Kenmir was a partner at PwC for 14 years, where he focused on conduct and culture in its Financial Services Risk and Regulatory Practice.
While at PwC, Kenmir worked with financial services providers and fintech start-ups. He also led the firm’s work on the introduction of Consumer Duty and was a member of the Institute of Chartered Accountants in England and Wales’ conduct risk committee.
Afin Bank is a digital bank that aims to cater to under-served borrowers, with a focus on Africans living and working in the UK, high-net-worth individuals (HNWIs) and the self-employed.
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Kenmir said: “I am delighted to be joining Afin Bank at the start of its journey, helping to shape a financial services provider that genuinely wants to do things differently and make mortgages accessible to a vital group of consumers who are currently poorly served in the UK.
“From my experience with the FSA, as well as advising new and established businesses at PwC, I bring a unique perspective on the commercial and regulatory challenges and regulatory requirements facing new banks. I look forward to working with Afin Bank to help build its strategy and operate effectively in the UK’s highly regulated environment.”
Jason Oakley, CEO of Afin Bank, added: “This is an important addition to what is already a highly skilled and experienced board at Afin Bank. David’s knowledge and insight will be invaluable as we prepare Afin Bank for full launch next year.”
The bank is backed by reinsurance firm WAICA Reinsurance Corporation Plc (WAICA Re) and has committed £60m to its launch.
Afin Bank gained its banking licence Authorisation with Restrictions1 (AwR) in October and aims to start offering residential and buy-to-let (BTL) mortgages early next year. It will also offer savings products.
