President announced for consumer finance trade body

The trade bodies joined forces to represent high-cost short-term credit providers as a single organisation in August this year.

Graham-Rack, chief executive of Curo Group, a company with several short-term lending brands, has been involved with the alternative lending market started in 2014, when he joined Curo to lead its UK businesses through authorisation.

Curo operates under several brand names including Speedy Cash, WageDayAdvance, and LendDirect. Prior to joining the group, Graham-Rack held senior positions within the UK and European regulated betting and gaming markets.

He said: “It is an honour to be elected as the first president of the new CFA and to have the support of the new team of directors.”

Graham-Rack commented on how the alternative sector has “gone through profound change” with companies, products and culture all changing positively for customers.

He added: “It is now time for us to look to the future. The CFA will build constructive relationships with regulators, become a platform for sector discussion and ensure the highest standards within the alternative lending market.”

Both Caroline Walton, president of the CFA, and Richard Fuller, chairman of the BCCA, have stepped down from their roles.

Jason Wassell, formerly chief executive of the BCCA, has taken over as chief executive of the new CFA.

At the time of the merger the two organisations had a total of more than sixty members, including a range of firms from new start-ups to the market leaders.