PMS executive chairman John Malone is leaving the mortgage club at the end of the year, 17 years after setting it up.
Malone’s contract will not be renewed when it expires in December, a decision mutually agreed with PMS parent Sesame Bankhall Group.
Malone, who will take on a non-executive role with SBG, says he is keeping his options open about future opportunities in the mortgage market.
In 1996, Malone pitched the idea of PMS, initially known as Premier Mortgage Services, to Scottish Amicable after being brought in to review the life company’s mortgage proposition.
He set the firm up in the same year and has run the mortgage club since.
In 1999, Scottish Amicable was acquired by Prudential, which sold the club in 2004 to Skandia-owned Bankhall. In 2009, Sesame purchased Bankhall and PMS, which has completed over £250bn of mortgage business since its inception.
Malone, who started working in financial services in 1960 and will turn 70 later this year, says: “I have had a fantastic time at PMS. The last 17 years have been the most memorable and enjoyable I have had during my career in this industry, which spans 50 years.”
Sesame Bankhall Group chief executive George Higginson says: “We would like to thank John for his many years of hard work and dedication to serving the needs of intermediaries and their clients.”
Nationwide Building Society senior manager of corporate distribution James Chidgey says: “It is important the lender and intermediary community recognises John’s significant achievements over the past 17 years.”