The Peer-to-Peer Finance Association, the trade body representing UK peer-to-peer finance businesses, has appointed Christine Farnish as its chairwoman.

It is the first independent appointment by the P2PFA, with Farnish taking over from Zopa founder and CEO Giles Andrews.

Farnish was the Financial Services Authority’s first consumer director, and is currently chairwoman of Consumer Focus. She brings significant experience of regulation and financial services, having held senior roles at Barclays and the National Association of Pension Funds and served on the boards of the Office of Fair Trading and the Advertising Standards Authority.

Farnish said: “I am delighted to be joining the P2PFA at what is an exciting time for the sector. Consumers deserve a better deal in financial services and peer-to-peer lending has an important role to play in offering more choice and improving competition.

“The recent Government announcement that peer-to-peer lenders will be regulated by the new Financial Conduct Authority is good news and I look forward to working with the FCA to ensure that regulation is proportionate and risk based.”