A qualified career banker, he has substantial Board experience in regulated businesses and of delivering growth and scale, having been CEO of Hampshire Trust Bank, Heritable Bank and Sun Bank over the past 22 years. He brings to Cashplus specific experience of regulatory banking license approval and governance in a dual regulated business. He also has extensive knowledge of strategy and change management and launching and scaling deposit operations in on-line and traditional markets.
Cashplus Chairman Jim Jones commented: “We are delighted to have attracted Mark to our highly experienced Board at an exciting time as we progress our development into an authorised banking business. Mark has been through this journey successfully before and this will be extremely helpful to us.”
Mark Sismey-Durrant is also a Board Member and Chair of Audit and Oversight Committee for financial services trade body UK Finance.
Cashplus, the trading name of Advanced Payment Solutions Ltd (APS), has been FCA authorised and regulated for over a decade. During this time, it has amassed a string of ‘Firsts’, including the first non-bank to offer banking services through the 11,500 Post Office branches and the first non-bank to introduce an instant online business current account.
Cashplus, one of the pioneers in Fintech, has developed a wide range of digital banking services, which challenge the traditional banking model. Through its proprietary technologies, award winning products and superior in-house data analytics, Cashplus has been able to offer over 1.4 million customers fast, convenient and transparent banking solutions to efficiently manage their finances and business cash flow. Voted the Best Challenger Bank 2017 by readers of PayBefore even though it’s not yet a Bank, Cashplus continues to provide innovative banking solutions for customers typically overlooked by traditional banks.
Authorised and regulated by the Financial Conduct Authority, APS has a full permission credit licence for consumer credit activities (FRN 671140). APS Financial Ltd (“AFL”), a subsidiary of APS, is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN 900002).
AFL was the first non-bank issuer to gain Mastercard membership and is a member of both UK Finance and Emerging Payments Associations.
Mark Sismey-Durrant stepped down from Hampshire Trust Bank to pursue a plural non-executive career in April 2018.
Mark Sismey-Durrant started his career at Midland Bank in 1978. He is a fellow of the Chartered Institute of Bankers and the Royal Society of Arts Designs and Manufactures.
He was a Council Member and Chair of Audit for Loughborough University until his term expired in September 2018. He served as Pro-Chancellor and is currently Chair Elect of the Advisory Board for the School of Business and Economics.
He is current Master of the Worshipful Company of International Bankers.
Please note: this appointment remains subject to regulatory approval.
October 18th 2018: Markets Insider