Richard Jones has been appointed as the new managing director at Black Horse, the motor finance arm of Lloyds Bank. He will replace Chris Sutton, who is set to retire after a 28 year career at Lloyds Banking Group.

Jones is expected to assume the role in July, subject to FCA approval. Sutton will remain within the business until October, to ensure a smooth transition.

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Jones has held a number of senior roles within the insurance division of the group for the last ten years, most recently as director of annuities, protection propositions and bancassurance.

Antonio Lorenzo, group director consumer finance and group corporate development at Lloyds Banking Group said: "We are delighted that Richard is joining us as he has a wealth of experience managing growth businesses and relationships with intermediaries and group partners which will be essential in helping our dealer partners to fulfil their growth ambitions.

Jakob Pfaudler, managing director asset finance at Lloyds Banking Group said: "Richard joins at an exciting time for the business, during a period of change and at a time of fresh investment in new propositions and technology in our dealer business. We would also like to thank Chris not only for his stewardship of Blackhorse during the last seven years but also for his loyalty and commitment to Lloyds Banking Group over nearly three decades."

The lender also revealed a £10m investment programme in its point of sale and dealer support technology and a new "Roadmap" to help dealers cope with the regulatory changes going on.

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