MT Finance has announced the appointment of Shyam Kotecha to the board of directors as part of the company’s commitment to the Financial Conduct Authority’s (FCA) new Consumer Duty.

The Consumer Duty, which comes into effect on 31 July 2023, replaces ‘Treating Customers Fairly’ (TCF) which was first introduced by the Financial Services Authority (FSA) in 2001. It also 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. They also need to be delivered in a way that is completely clear, transparent and representative of fair value.

In his role of chief compliance officer, MLRO and head of HR, Kotecha (pictured) has been responsible for shaping and implementing MT Finance’s compliance strategy since joining the company in 2019. He has previously held positions at a number of financial institutions including Barclays and the FCA.

The firm’s eighth board member, Shyam joins existing directors Joshua Elash, Tomer Aboody, Gareth Lewis, James Anderson, Millie Dyson and Lenka Pajkošová, as well as non-executive director Chris Patrick.

Elash said: “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 successful application and eventual launch into the regulated bridging finance sector and has contributed greatly to the overall compliance function of the company. He has proven himself to be a highly knowledgeable and professional executive who I am confident will add value to the board.

“Placing the consumer at the heart of everything we do has become second nature to us here at MT Finance, so I welcome the FCA’s new Consumer Duty and I look forward to continuing to work with Shyam to ensure our commitment to our clients – and intermediary partners – remains front and centre.”

Kotecha added: “I would like to thank MT Finance for giving me this opportunity, particularly founders Joshua Elash and Tomer Aboody. MT Finance has a very long history of putting the borrower first and 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.”