Zena Campbell, chief operating officer of Firmus Secured Loans, has left the lender as part of its ongoing internal review.
Campbell, who was previously head of sales for Swift Advances, had helped spearhead the lenders assault on the market since it launched in September last year.
But last week Loan Introducer exclusively reported that Firmus had placed a hold on lending for the next three months as it conducted a review of the business.
This review has seen Campbell replaced with an acting chief operating officer and plans put in place to relocate the business to the North West of England.
Brian Taylor, acting chief operations officer at Firmus, said: “As part of our ongoing review we have taken the decision to relocate the business to the North West.
“We are currently in the process of conducting a full review of both of productions and location. However I must stress this is just temporary whilst we reassess our position.”
Before its lending freeze Firmus had a product range that catered for near prime to medium heavy adverse customers looking for loans of up to 70% loan to value. However this part of the market has now become increasingly crowded.
Taylor said: “When we launched we were quite unique however other lenders have caught up with us. It is for this reason we have decided to review of proposition.”