Salad Money’s day to day leadership is provided by the Executive Directors.
Their focus is to deliver fair lending, for everyone.
Salad Money is overseen by a board of non-executive directors (NEDs).
The NEDs job is to ensure Salad Money stays true to its mission of making lending fair for everyone. The NEDs are not involved in day-to-day management, but they use their wide experience to guide Salad Money’s strategy and development.
Salad Money has ,since its foundation, deliberately placed its oversight into the hands of an independent body of experts.
The Public Responsibility Oversight Body (PROB) was set up to make sure that Salad Money does what it set out to do in a responsible way. The PROB had reported Salad Money's progress to make sure its loans are affordable; its business practices are fair; and that profit is invested in financial education and reducing the cost of loans. Salad Money is accountable to the PROB and the PROB was accountable to our customers’ employers.
Whilst keeping to our principal of independent oversight we believe the mandate of the PROB needs to change and be accountable not just to employers but to NHS applicants and borrowers that use Salad.
As a result, the membership of PROB is changing, and we would like to express our thanks and appreciation for the contributions made by Peter Wyman CBE,DL, John Hannett OBE, Rosemary Radcliffe CBE and Niall Alexander, who have stepped down from the PROB.
Furthermore, Lord Iain McNicol has resigned his position as a Salad non-execuitive Board member to Chair and reconstitute the PROB, with a focus on reporting independently to employers,applicants and borrowers giving them representation.
The newly constituted PROB will be in place to respond to the findings from a report being produced by The University of Edinburgh.
The University of Edinburgh has been commissioned by Salad Projects to investigate the Salad Money data set on an anonymised basis, and to report on that data and reach conclusions in respect of the financial health and resilience of NHS workers in relation to the broader NHS population and is due to be published in November 2020
"PROB will help Salad Money play a growing role in ensuring that real help is given to NHS employees through access to fairer and affordable borrowing, and other steps towards achieving financial sustainability."