Inside The Financial Conduct Authority

Ms Raffé said: “Even the most sensible spending can very quickly become unaffordable when interest rates are too high.”

Since finishing her gardening leave from the FCA at the end of April, she has also joined another fintech advisory board and carried out some pro bono work.

“I don’t want to work full time anymore. All of these projects are things I’m passionate about. I won’t compromise my reputation but I don’t want to do something that is boring,” she continued.

“This is a great win-win company. It’s one of those companies where it should be commercially viable, it’s great for the employer and it’s great for the employee.”

On the advisory board for the company, Ms Raffé will join Dan Cobley, Google UK’s former Managing Director, entrepreneur Daniel Shakhani and Asesh Sarkar – a former banking consultant.

Asesh Sarkar, co-founder and CEO at SalaryFinance, said the company was looking forward to bringing Ms Raffé’s 20 years of experience as a financial services regulator to the board.

He said: “We are delighted to benefit from Victoria’s considerable experience.

“SalaryFinance is a FinTech business with a social purpose – to help hard working people in the UK reduce their personal finance interest costs by £4bn annually, helping their pay go further and putting money back into the real economy.

“Since launching earlier this year, the interest from employers seeking to help their staff through SalaryFinance has been phenomenal, and we look forward to strengthening the business further with our new advisor.”