SalaryFinance, the new financial employee benefit for employers and their staff, today announced that the former Financial Conduct Authority (FCA) executive Victoria Raffé has joined the company’s advisory board.
Victoria Raffé brings 20 years of experience as a financial services regulator, most recently as the Director of Authorisations and member of the Executive Committee at the FCA. She joins the existing team of Dan Cobley, Google UK’s former Managing Director, entrepreneur Daniel Shakhani and Asesh Sarkar, a former banking consultant.
Launched this year, SalaryFinance offers businesses in the UK a financial employee benefit that allows their staff to consolidate their personal debts and repay them via a low interest, fixed-rate loan. Loan repayments are taken directly from the employee’s payroll, rather than direct debit, reducing the cost and interest rate to around one third of the market average. The service is cost-free for companies to join and integrates seamlessly with existing payroll systems and processes.
Commentating on her appointment, Victoria Raffé said:
“Even the most sensible spending can very quickly become unaffordable when interest rates are too high. This doesn’t just devastate individuals and their families, it affects their health and productivity at work too, so I’m delighted to be involved with the SalaryFinance proposition that offers such a good deal to employers and employees alike.”
SalaryFinance’s research indicates that the service has significant benefits for companies and employees alike. Through reducing employees’ financial worries, SalaryFinance’s founders claim the service will offer marked benefits at company level including increased productivity and improving overall health of staff, while reducing absenteeism. And companies offer a free perk which, in many cases, equates to a considerable pay rise.
Asesh Sarkar, Co-Founder and CEO at SalaryFinance, said:
“SalaryFinance is a FinTech business with a social purpose – to help hard working people in the UK reduce their personal finance interest costs by £4bn annually, helping their pay go further and putting money back into the real economy. Our aims are aligned with regulators and government and we are delighted to benefit from Victoria’s considerable experience. Since launching earlier this year, the interest from employers seeking to help their staff through SalaryFinance has been phenomenal, and we look forward to strengthening the business further with our new advisor.”