Secure Trust Bank has named Ian Corfield as its next CEO, drawing renewed scrutiny over political appointments after it emerged the former Treasury official had donated over £20,000 to Labour politicians.
Corfield will join the board on 23 June and formally succeed David McCreadie as chief executive on 16 August, subject to regulatory approval. McCreadie, who has led the bank since 2021, will stay on until 2026 in an advisory role.
Corfield’s appointment follows a brief and controversial spell at the Treasury, where he served for five months before the role was redefined as unpaid. As reported by The Guardian and Politico, the Civil Service Commission was not informed of his Labour donations — including £5,000 to then-Shadow Chancellor Rachel Reeves — before approving his position. The Conservative Party labelled the move “cronyism,” adding to mounting questions over Labour-linked appointments, including a separate case involving Lord Alli’s No.10 access.
Corfield most recently held a partner role at consultancy Flint Global, and previously served as chief commercial officer at credit-card firm NewDay for nearly a decade.
STB Chair Jim Brown said Corfield’s consumer finance background would help drive the bank’s next phase of growth: “Ian brings significant strategic, financial services and consumer finance expertise with a focus on driving innovation in customer experience. Throughout his career he has demonstrated exceptional leadership skills and developed a strong track record of delivering profitable growth.”
The bank posted 10.5% year-on-year lending growth in its latest trading update, with business and consumer finance divisions both recording gains. Its retail arm V12 also increased market share. However, STB has been cautious on earnings outlook due to uncertainty around a pending Supreme Court ruling on discretionary motor finance commissions — a case with potential sector-wide consequences. The Financial Conduct Authority is expected to consult on redress frameworks following the judgment.
McCreadie called it “the right time to transition the CEO role to ensure consistent leadership”. Yet critics warn the firm must now navigate both regulatory scrutiny of its new leader and a sector-wide financing storm.
