UK Finance appoints new Managing Directors for Economic Crime and Commercial Finance

UK Finance, the trade body representing the banking and finance sector, today announces two new senior appointments effective from 1 May 2023:

Ben Donaldson, Managing Director of Economic Crime and David Raw, Managing Director of Commercial Finance. 

Ben joins UK Finance from the Ministry of Defence, where he is currently in a senior civil service role focused on enhancing the UK’s response to key security challenges through technology and innovation. He has spent his career to date in the civil service and has over 20 years of experience across a range of roles at the Ministry of Defence and the Foreign, Commonwealth and Development Office. He has extensive experience in the security field and has worked closely with key economic crime partners including the National Crime Agency, Police and the Crown Prosecution Service. Ben was awarded an OBE in 2015. 

David joins from the Financial Conduct Authority (FCA), where he is currently on secondment from HM Treasury (HMT) and is the FCA’s Director of Cross Cutting Policy and Strategy. In this role he leads a large team which covers a range of high-profile policy issues including the response to the cost of living crisis, redress policy, the Future Regulatory Framework and the Consumer Duty. Before moving to the FCA he was Deputy Director for Banking and Credit at HM Treasury for six years and led HMT’s policy work on retail banking and SME lending, and played a critical role in developing and delivering the Covid-19 guarantee schemes for business lending. He originally joined HM Treasury in 2005 and has experience across a range of policy roles including in taxation and financial services. David was an awarded a CBE in 2022.

Ben and David succeed Katy Worobec and Stephen Pegge, the current Managing Directors for Economic Crime and Commercial Finance who are both moving on from UK Finance after a number of very successful years. Katy has spent over 20 years working at the centre of the industry, most recently at UK Finance and at Financial Fraud Action UK, and has been instrumental in shaping the way the industry deals with economic crime. Stephen has spent the last five years leading UK Finance’s commercial finance team, including the industry’s support for businesses during the pandemic. 

David Postings, Chief Executive of UK Finance said: 

I’m delighted to announce the appointments of Ben and David as our new Managing Directors. Tackling economic crime and helping to support businesses are vitally important issues for our members and they both bring a wealth of experience from their time in the civil service and the regulator. I look forward to them joining us in May and working with them to build on our excellent work already undertaken in these areas under Katy Worobec and Stephen Pegge.

Ben Donaldson said: 

Tackling economic crime in all its forms is a major issue facing the UK and a key priority for UK Finance and its members. The banking and finance sector is a critically important player here and I am excited about the opportunity to join UK Finance and work with the economic crime team to lead the sector’s response to the challenge.

David Raw said: 

I have worked closely with UK Finance during my time at both the FCA and HM Treasury and have always been very impressed with the work of the organisation. Commercial finance is a really exciting area and one that is vitally important to government and to everyone who is involved in a business around the country. I’m looking forward to joining the team and continuing to support UK Finance members in this area.

David is subject to restrictions on the external facing activity he can undertake for the first six months. As such, Stephen Pegge, the current Managing Director for Commercial Finance, has agreed to stay on and support David in this role for a period of time.

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Notes to editor

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