Thompson’s new role as director of banks and affinities within insurance will see him oversee the Legal & General Group’s key financial services relationships in the sector.
Whilst Smith, currently director for housing and external affairs at Legal & General Network, becomes director of the mortgage club and housing.
Smith assumes control of the Club, as a member of the Network’s Executive Management Team and is tasked with ensuring management continuity and on-going investment in the Club’s future. Jeremy Duncombe continues his role as director, Mortgage Club reporting into Smith.
Smith said: "The Legal & General Mortgage Club is central to our strategy in the housing and mortgage markets, bringing many benefits and value to various parts of the Group.
“Growth and innovation will continue and we are looking forward to a robust market recovery and to helping our partner firms through next year’s regulatory change.
“We have an exciting future and an improving market to look forward to.”
Thompson joined the Mortgage Club in 2007 and has been the driving force behind the Club’s success, seeing it increase its market share from 9% to 28% and position the Club as the leading mortgage distributor in the UK.
His new role will see him remain in the lending and banking market supporting the broader proposition.
Thompson said: “I am delighted and excited with the challenges of my new role and look forward to the opportunities that it presents.
“I would like to thank the many friends and colleagues that I have worked with over the years who have made the Club so successful and also thank the members and lenders of the Club for their loyal support.
“I am proud that the Club is a leader in a recovering market and with intermediaries well placed to go from strength to strength.”
In further changes, Sue Pennington and Martyn Smith will be leaving the company, having both contributed significantly to the growth and success of the Club.
Stephen Smith said: “We wish Susan and Martyn well for the future and thank them for their unstinting hard work for the Club team over the years.”