Masthaven Bank has announced the appointment of Malcolm McCaig to its board as an independent non-executive director.

The intention is for him to chair the board’s risk and conduct committee, subject to regulatory approval by the Prudential Regulation Authority and the Financial Conduct Authority.

McCaig (pictured) has a portfolio of non-executive director roles in financial services, including three major insurance companies and a tier 1 metals broker. He is also chairman of one of the UK’s top 100 charities.

He has a wide range of experience in risk, regulation, audit, strategy, corporate governance and technology. A former partner of both Deloitte and Ernst & Young, his career includes executive positions in Clydesdale Bank and Prudential UK, as well as secondments in Nigeria and Mexico.

McCaig said: “Masthaven is a leading specialist bank and I am hopeful that I can make a positive contribution to the bank’s continuing development. The pandemic has increased the challenges facing all financial institutions, but beyond those challenges lie opportunities as the economy and the housing market recovers.

“Masthaven’s continued investment in its business, underpinned by its investment in risk management and conduct, illustrates the importance of doing the right thing and doing it well.”

Ashley Machin, chairman of Masthaven, added: “I’m delighted to welcome Malcolm to Masthaven Bank. He brings a wealth of experience in a variety of financial roles and the maturity and breadth of this experience will provide real value to the board. We welcome Malcolm’s insights and expertise as Masthaven continues to refine and develop its lending and savings activities.”