Former Virgin Money legal director named as Premium Credit GC

The former director of legal and company secretary at Virgin Money, Jasan Fitzpatrick, has named as general counsel of consumer credit firm Premium Credit.

As general counsel Fitzpatrick is responsible for the legal, compliance, operational risk, and company secretary aspects of the business. He began in his new position on 15 April 2013, having taken a year-long career break (7 May 2012).

Consumer credit firm Premium Credit was bought by private equity house GTCR from MBNA Europe – an affiliate of Bank of America – in November 2012. At the time it had a total asset value of about £900m. It currently has approximately 1.8 million customers, and achieved advances of £3.3bn in 2012.

Fitzpatrick’s hire was part of the firm’s drive to upskill its legal compliance and risk capacity, as it prepares to become one of the largest consumer credit firms regulated by the FCA on 1 April 2014.

Premium Credit has never had a formal legal panel, but Fitzpatrick is expected to look at the shape of the firm’s external legal provision as part of a wider review in coming months.

It is understood that Eversheds has been providing ongoing legal assistance since April, in addition to GTCR’s key global advisors Kirkland & Ellis and Cadwalader, Wickersham and Taft.

Fitzpatrick departed from his role as director of legal at Virgin Money in April 2012. He previously held the post of general counsel at Northern Rock, where he helped to oversee the £747m purchase of the ‘good half’ of the bank by Virgin Money. Allen & Overy and Freshfields secured lead roles on that deal, which closed in November 2011 (17 November 2011).

Katie Marshall was appointed deputy company secretary at Virgin Money on Fitzpatrick’s exit. She currently works alongside the bank’s general counsel, ex-RBS litigation chief Stephen Pearson who became its first general counsel in 2010 (28 June 2010).