Purplebricks has moved to shore up its failing record on compliance by creating a new director post to oversee risk procedures.

Helen Martin has been appointed to the position joining from LSL Property Services where she was risk and governance director for the company’s estate agency division. She starts immediately reporting directly to CFO Steve Long.

Martin will be responsible for oversight of risk management and compliance.

Purplebricks faced multi-million pound fines last year following its failure to complete the mandatory paperwork for an unspecified number of deposits.

In 2020, the company was given a fine of more than £266K by HM Revenue & Customs for breaches of money laundering rules.

Best-known brand

Martin said, “This is an exciting opportunity to join the best-known brand in the industry and to be part of an ambitious team who have made it clear to me that they recognise the importance of an effective risk management framework and compliance culture.”

Helena Marston, CEO, said, “This newly created role is an essential part of our plans to continue to raise standards and ensure the highest levels of risk management, particularly as we look to build additional revenue streams, beginning with the launch of our new mortgage offer by the end of the financial year.”

Meanwhile under-fire Purplebricks Chairman Paul Pindar (pictured below) has again increased his shareholding in the company with the purchase of a million more shares.

Just last week, Pindar invested in 1.5 million shares after also buying 2.5 million shares when the company’s results, with a slump of a quarter in profits, were announced earlier this month.

Rebel investors and City analysts have called for Pindar to step down in recent weeks.