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Dame Alison Rose, the former chief executive of NatWest, has been appointed chair of the UK board of wealth technology firm FNZ, as the fintech emerges from a period of intense regulatory scrutiny in its largest market.
Rose, who is senior partner at private equity group Charterhouse Capital Partners and chair of law firm Mishcon de Reya, joins the UK and group boards of FNZ two years after she stepped down from NatWest following a scandal involving politician Nigel Farage.
FNZ, founded in New Zealand in 2003, is helmed by former JPMorgan Chase and blockchain executive Blythe Masters. Despite remaining domiciled in New Zealand, the UK is the group’s biggest market.
The company, which provides technology services to 650 wealth managers and fund groups globally and has accumulated more than $2tn of assets on its platform, was last valued at about $20bn in 2022.
It raised $650mn in new equity earlier this month from existing institutional shareholders, including the Canada Pension Plan Investment Board, and Motive Partners, a fintech-focused private equity firm where Masters is a founding partner.
However, it did not disclose any valuation set by the latest cash injection.
The company is currently facing a legal challenge from a group of 180 shareholder employees who claim that three earlier fundraising rounds diluted their $4.6bn stake.
Rose’s appointment comes after FNZ’s UK arm emerged from a period of enhanced regulatory scrutiny by the City watchdog after bolstering its governance, risk processes and leadership team.
FNZ UK was subject to a regulatory restriction that prevented it from taking on certain new business without the Financial Conduct Authority’s prior approval under a so-called voluntary requirement or VReq.
Those restrictions were lifted last month after the group “worked closely with the FCA to strengthen delivery, risk management and operational frameworks” and “invested significantly in strengthening these functions”, including by recruiting a more experienced leadership team, the company said at the time.
Masters said Rose brought “deep knowledge of financial services and the UK regulatory landscape, as well as exceptional leadership qualities. Her insight and experience will be highly valuable as we strengthen our business globally”.
Rose’s appointment also comes as UK regulators and policymakers attempt to encourage more individuals to invest their money rather than sit on cash savings.
She stepped down as chief executive of NatWest in the middle of 2023 after admitting to the inaccurate briefing of a BBC journalist about the closure of Farage’s bank account.
Her abrupt departure came after three decades spent working at the bank, during which time she also led the banking group’s commercial and private banking business.
This article has been amended to clarify Blythe Masters’ relationship to Motive Partners