He will also act as a director of a number of the group’s regulated companies, subject to FCA approval.

Larkin has over 20 years’ experience working in financial services. He previously spent eight years working in a number of leadership roles for Lloyds Banking Group most recently as MD of Lloyds Commercial Finance.

Before joining Lloyds, Larkin spent three years as CFO at Virgin Money and four years at McKinsey. Larkin said the Target Group has always had a strong reputation in the financial services industry and recently it has really started moving up through the gears.

He said: “In an environment of regulatory change and macroeconomic uncertainty, financial services providers are looking to proven outsource partners to play an increasing role in their business model.

“Target has aggressive growth plans and has put an impressive infrastructure in place to achieve those aims.”

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Paddy Byrne, chief executive at Target Group, said: “Ian has vast experience of the areas we operate in and is extremely well qualified to serve as Target’s CFO. His leadership experience complements our already strong executive team and will be invaluable as we continue to drive our strategic and financial business transformation.”