Sir James Crosby, former head of the Financial Services Authority (FSA) and chief executive at Halifax Bank of Scotland (HBOS), has joined non-prime lender Moneybarn (formerly Duncton Group) as chairman.

The lender, which has spoken of the need to remove the stigma of the non-prime market, is looking to expand in the car finance industry and Sir James’ chairmanship is a part of that ambition.

“We’re immensely proud to have Sir James on board,” said Moneybarn managing director Peter Minter. “He’s extremely knowledgeable, has a great working relationship with me and the board, and is patently working to deliver the right corporate structures for the larger business we are becoming.”

Though the Daily Telegraph reported the appointment by suggesting that Moneybarn would now seek to offer other forms of finance, Minter stated that such speculation was inaccurate. “We’ve got no plans to offer anything but car finance,” he told Motor Finance.

Sir James resigned from the FSA in 2009 in the wake of allegations that HBOS was taking on too much risk, and has since taken roles as chairman of Misys, an IT supplier to the banking industry, and as non-executive director of ITV. He is a trustee of Cancer Research UK.

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