Simon Stern, business development director at Prestige Finance, is leaving the business.

Stern had been with the firm, which was known as Sheldon & Stern before its acquisition by OneSavings Bank, for over 30 years.

John Eastgate, sales and marketing director at OneSavings Bank, said: “I would like to express my sincere gratitude to Simon for the part he has played in Prestige’s success and wish him well in his future endeavours.”

Darrell Walker joins the second charge loan specialist as head of product and new business development today.

Taking direct responsibility for Prestige’s product development and intermediary relationships, he will lead the company through the European Mortgage Credit Directive process.

He said: “I want Prestige Finance to continue to be seen as a market leader in terms of product innovation, partnerships and its professional approach to the second charge market. The change in regulation gives the sector the perfect opportunity to enhance its position with consumers and intermediaries.”

Shelley Connelly, the firm’s underwriting manager) will continue to oversee the Underwriting Department and be the primary contact for Prestige’s intermediary partners for all underwriting and operational matters.

Eastgate said: “Darrell joins us at an important time for both the industry and for Prestige. The changes that Darrell has highlighted will propel the second charge market into the spotlight as never before.

“Prestige Finance is ideally placed to meet these challenges, both in terms of its specialist second charge lending proposition and its role with the wider OneSavings Bank Group that seeks to maximise opportunities for its intermediary partners.”