Secure Trust Bank taps Labour donor tied to cronyism scandal as new boss
An ex-Treasury director who was at the heart of Labour’s “cronyism” scandal has been tapped to take the helm at specialist lender Secure Trust Bank.
Ian Corfield, who also spent nearly a decade as chief commercial officer of New Day, will replace retiring chief executive David McReadie.
Corfield stepped down from his civil servant role at the Treasury after just five months as the Labour government was hounded with accusations of favoured appointments.
The former banker became the Treasury’s director of investment in August 2024 – a salary that commands at least £95,000 a year.
The Conservatives blasted the appointment as “hypocrisy off the scale” after it came to light Corfield had given £20,000 to Labour MPs, including £5,000 to then Shadow Chancellor Rachel Reeves.
Corfield’s appointment was signed off as an “exemption” to the traditional process by the Civil Service Commission, but the regulator was reportedly never told of his donations, according to The Times.
The Treasury reframed Corfield’s role to an unpaid adviser appointed on ministerial appointment.
This came amid a whirlwind of controversy for the Labour government, as the party received criticism for granting a No.10 pass to Lord Alli – another donor.
Corfield to step up in the summer
Corfield will take on the role of chief executive officer designate from June 23, before being fully confirmed on August 16. He will step down from his most recent role as a specialist partner at Flint Global upon taking the role.
Corfield said: “I look forward to working with the Board, Executive team and our people to drive the future success of the business. It is an exciting time to be joining the Group as we set our strategy for 2026 and beyond.
“The key priority will be to continue to execute on our plans to enhance returns.”
David McCreadie, who has spent four years as boss of the London-listed bank, will “remain available” to support the business until June 2026 to ensure a “smooth transition of responsibilities”.
Secure Trust delivered a strong start to the year in May, after increasing lending by 10.5 per cent year-on-year.
The bank’s business finance and consumer finance arms’ lending balances grew 4.9 per cent and 1.8 per cent respectively, putting the group on track for its target of £4bn net lending.
V12 – Secure Trust’s retail financing arm – has also ramped up its offerings as it grabbed a bigger stake in the booming market.
In November, Secure Trust had slashed its profit expectations due to the performance of its motor finance business whilst early arrears in vehicle finance were at the lowest level for three years.
The Supreme Court is expected to make a ruling on the motor finance case in the summer, with the FCA set to follow with an industry-wide redress scheme if the lender’s are handed an adverse judgement.
McCreadie said: “We expect to achieve our current strategic ambitions in the near term and the foundations are in place to support the delivery of enhanced returns.
“As a result, it is the right time to transition the chief executive role to ensure consistent leadership during the next phase of the Group’s strategic development. I look forward to working with Ian, my colleagues and the Board to ensure an effective transition.”