Business 4 min read By Callum Montgomery
Together Financial Services announces board changes
Together Financial Services has announced changes to its board, with the specialist lender confirming new appointments and departures as part of a planned succession process.
Together Financial Services has announced changes to its board, in a move that reshapes the leadership of the specialist mortgage and secured loan provider. The company confirmed the appointments and departures as part of a planned succession process, according to a regulatory announcement.
The changes take effect immediately, the company said. The board reshuffle comes as the Cheadle-based lender continues to focus on its core markets of residential mortgages, buy-to-let and secured lending. Together Financial Services, which is privately owned, has been expanding its loan book in recent years and has been a notable issuer in the securitisation markets.
The company did not disclose the reasons behind the individual departures, stating only that the changes were part of a planned succession process. Board changes at financial institutions are closely watched by investors and regulators, particularly at a time when lenders are navigating a higher interest rate environment and tighter credit conditions.
Together Financial Services has built a reputation as a specialist lender serving customers who may not meet the criteria of high street banks, including the self-employed and those with complex income streams. The company has been active in the UK mortgage market for over four decades and has grown its loan book through a combination of organic lending and acquisitions.
The board changes are not expected to affect the company's day-to-day operations or its lending strategy, according to the announcement. Together Financial Services has not indicated any change to its financial guidance or strategic priorities as a result of the reshuffle.
Governance experts note that board turnover is common in the financial services sector, particularly when companies are preparing for a new phase of growth or responding to regulatory expectations around board composition and diversity. The Financial Conduct Authority and the Prudential Regulation Authority have both emphasised the importance of effective board leadership and succession planning at regulated firms.
Together Financial Services has not yet published further details about the new board members' backgrounds or the specific roles they will assume. The company is expected to provide additional information in due course.
The announcement comes amid a period of significant change in the UK specialist lending market, with several lenders adjusting their strategies in response to shifting economic conditions. Higher interest rates have affected affordability for borrowers and refinancing activity, while lenders have also had to adapt to changing consumer demand and regulatory requirements.
Together Financial Services has previously highlighted its focus on maintaining a strong capital position and a diversified funding model. The company has accessed wholesale funding markets through residential mortgage-backed securities and other instruments, and has maintained relationships with a range of institutional investors.
The board changes are unlikely to alter the company's medium-term objectives, which include growing its loan book and maintaining disciplined underwriting standards. However, the new board members will play a role in overseeing the company's strategy as it navigates the current economic climate.
Further details about the board changes, including the names of the new appointees and the departing directors, were not immediately available. Together Financial Services is expected to update its website and regulatory filings with the relevant information.
