The appointment marks a promotion for Jane Pimbblet, currently risk consultant and deputy MLRO.

It follows the retirement of her predecessor Helen Critchley after 19 years with the company, which is part of the Lloyds Banking Group.

Ms Pimbblet is continuing her studies with an anti-money laundering diploma from the International Compliance Association.

She has been with the company since 2002 when she joined the customer services division of the then CMI and became responsible for managing a seven-strong new business and private banking team.

Scottish Widows’ managing director Juan Clarke said: ‘Jane’s previous experience, especially in the field of anti-money laundering from her time working in new business, will stand her in good stead for her new role, the foundations for which were set so capably by Helen Critchley.

‘The Lloyds Banking Group actively encourages colleagues to develop themselves so I am delighted Jane is taking this opportunity to further her professional qualifications in money laundering prevention.

‘Jane will be a key figure in CMI’s approach to identifying and managing risk and I wish her every success in her studies and in her new role.’

Ms Pimbblet said: ‘Despite the many challenges that combating risk poses I am confident that the highly supportive environment the Lloyds Banking Group provides its colleagues will serve me well in fulfilling my role as risk and compliance manager.

‘We have a great team here at Scottish Widows.

‘I am especially grateful to Helen for the invaluable guidance and advice she has shared with me ahead of taking up this demanding position.’