PROVIDENT Financial has announced the appointment of Simon Thomas as Chief Finance Officer.

Mr Thomas will join the board and start in his new role on December 3.

Andrew Fisher, the current finance director, will step down from the lender’s board when Mr Thomas takes up his appointment, but will remain employed by the company for three months to provide an orderly handover.

The announcement is the latest in a series of appointments this year in an effort to rebuild the business after a difficult 2017 which saw two profit warnings caused by a revamp of its home credit business which went wrong.

In August Patrick Snowball was appointed chairman and earlier this month Chris Sweeney, managing director of subsidiary Vanquis Bank, stepped down from his role with immediate effect.

Subsidiaries Vanquis and car finance provider Moneybarn faced the Financial Conduct Authority (FCA) investigations with the former fined £2m and ordered it to pay £168.8m in compensation for failing to disclose charges of its popular repayment option plan (ROP) while Moneybarn faced a £20m hit.

Mr Thomas was previously Group Chief Financial Officer of Just Group plc, a FTSE 250 financial services company. He has a strong financial services background, including consumer, retail banking and insurance experience.

His appointment follows a thorough process conducted by the nominations committee with the assistance of a leading executive search firm.

Malcolm Le May, Chief Executive Officer of Provident Financial, said: “I am delighted Simon Thomas has been appointed as the new Chief Finance Officer. I look forward to working with him as we drive Provident Financial forward.

“On behalf of the board I would like to thank Andrew Fisher for his immense contribution, not only as finance director, but also as a board member whose knowledge and insight has been invaluable to the group over many years.”

Mr Fisher said: “Over the last 18 months Provident Financial has come through a very difficult period. With the company’s capital and liquidity position restored to one of strength, I have agreed with the board that now is an appropriate time to step down as finance director. I would like to thank all those past and present talented colleagues who I have worked with over my 12 years at Provident Financial, many whom have become friends, and wish the company success for the future.”

Mr Thomas said: “I am very excited to be joining Provident Financial as its new Chief Finance Officer. The company has a strong social purpose and its customers need the access to credit the company provides.

“I look forward to working with Malcolm and the board as we execute on the group’s strategy and deliver for our customers and shareholders.”