Regulators approve ex-UK cabinet minister Gavin Williamson’s appointment to Lanistar advisory board
The Advisory Committee on Business Appointments (Acoba) has approved the appointment of former UK cabinet minister and education secretary Gavin Williamson to the advisory board of UK-based payment card provider Lanistar.
Gavin Williamson joins Lanistar advisory board
Williamson has told the committee that, through the position, he aims to provide the fintech with “guidance, connections (with financial institutions) and leadership” and contribute to “ideas and views relating to the strategy and priorities of the business”.
However, Acoba has issued a warning to Williamson about potentially using any connections he obtained during his tenure as a politician.
“There is a risk your connections could be used to unfairly access and influence the government and its arm’s length bodies,” its advice letter to Williamson reads. “Making use of contacts within government even indirectly would be a breach of the Rules which impose a lobbying ban on all ministers for two years on leaving office.”
Upon reviewing the appointment, the committee deduced through Williamson’s former departments that he “had no engagement with, nor made any decisions specific to Lanistar in office” and that “the risk this appointment could reasonably be perceived as a reward for decisions made or actions taken in office is low”.
Williamson departed his role as a minister in November 2022 amid bullying accusations against former Conservative chief whip Wendy Morton, for which he apologised in September.
Lanistar’s advisory board is not yet live, but is expected to meet the fintech’s executive committee once a month, with Williamson’s participation being paid for via shares.
Founded in 2019 by Gurhan Kiziloz, Lanistar’s original product pitch centred around “polymorphic” cards – being one debit card that could store and transact upon eight different bank cards.
Despite spending big on an influencer-led marketing campaign, the fintech’s current offering is limited to a standard debit card, and is only available in Brazil, where it claims to have 50,000 customers as of July.
