Voice of the payday lending industry steps down

The chief executive of the Consumer Finance Association (CFA), Russell Hamblin-Boone, is to move on from the role after almost five years.

Voice of the payday lending industry steps down

Hamblin-Boone played a pivotal role in the representation and reform of the payday lending sector while the industry endured a tempestuous evolution.

The industry has shrunk dramatically as certain lenders have struggled to get through authorisation from the Financial Conduct Authority (FCA), as others faced huge fines for conduct breaches.

CFA president Caroline Walton said: “Russell leaves our organisation having helped to build a strong foundation for growth and development for the industry.

“His tenure came at a difficult time in the nascent sector’s development and it is tribute to him that the challenges we now face are those of a maturing industry operating in a greatly changed regulatory environment. We wish Russell well wherever he takes his considerable talents and experience.”

Hamblin-Boone said: “A good leader knows when it is time for a change. I have enjoyed leading the CFA immensely and now that the short-term lending industry is sailing calmer waters I need a new challenge.

“I am proud to have played a key role in creating a new market that is driving innovation in the democratisation of financial services.”