Chris Stamper has criticised the regulation facing the banking industry following his full retirement from his position as a non-executive director at Aldermore.
Stamper also stepped down from his directorship of AFS Group Holdings in April, a partner and introducer to asset and commercial finance funders in the UK, in which Aldermore holds a minority equity stake.
On a post on LinkedIn, Stamper said regulation was stifling profitability and business growth and was not succeeding in its original aim of policing the market.
“The regulatory environment in which we have to work has escalated to a point where sustainable profitability and business growth has become almost impossible. We all understand the need for regulation and compliance but the cost of this is now beyond what in my personal view is acceptable or necessary.
“It does little to deter the dishonest and unscrupulous; it simply prevents the growth of reputable firms.”
Stamper added that current regulation, under the supervision from the FCA and PRA, would not prevent job losses in banking.
“At some stage, we will face another crisis in the economy and there will be casualties in the finance industry. The regulation that we currently see will not prevent this, it’s the integrity of management that will protect the business,” he wrote.
“It’s very sad that many people in the industry have similar views but they are still working and it’s therefore difficult for them to express their views in public. The guys at Aldermore have been fantastic and they very much fit into the category of “reputable firms”, I wish them well. If any business can succeed in this environment it is Aldermore.”
Stamper joined the board of Aldermore in May 2013, bringing with him extensive experience of the asset finance sector as a founding governor of The Leasing Foundation, and was previously a director of the Finance and Leasing Association (FLA).
Stamper was also a director and chief executive of ING Lease (UK) from 2005 to 2013.