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300 UCB staff face axe after Portman merger

Over 300 staff at UCB Home Loans employees face redundancy after the merger of Nationwide and Portman specialist lending businesses in August.

Nationwide plans to retain UCB and The Mortgage Works, acquired in the merger with Portman, as two separate brands but both will be based at TMW’s Bournemouth headquarters.

The move, first tipped by Money Marketing last September, will see Nationwide follow Halifax Bank of Scotland’s multiple brand strategy.

Portman group development director Matthew Wyles, who will become Nationwide executive director for non-retail business in August, says: “We want to run them both separately as well as providing econ-omies of scale. We thought we would lose market attraction if we took either of them out as both are incredibly different, with different distribution and different product offerings.”

UCB staff will move into TMW’s Bourne-mouth HQ over a two-year period from August.

Portman marketing director Andy McQueen will become Nationwide’s divisional director for specialist lending.

Portman director of intermediary sales Paul Howard will become head of sales for specialist lending, Portman director of production and operations Mark Goldman will become head of operations for specialist lending, Nationwide head of mortgages Larry Banda will move to head of marketing for specialist lending and UCB Home Loans managing director Keith Astill remains in the same role.


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After a well deserved break, the Diary returns to the world of drama and intrigue that is IFA Defence Union Evan Owen’s fishtank.The news is not good. The Owen family have lost three fish since Christmas due in no small part to the bullying nature of the recent addition to the tank, a ferociously aggressive […]


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FSA fines Charterhouse £122,500

The FSA has fined Charterhouse Consulting Wealth Management £122,500 for carrying out discretionary portfolio management without permission and for various conduct of business failings.

The FCA’s five fixes for retirement information

The Financial Conduct Authority (FCA) has started to change the way that people will be told about their pension options. In a recent market study paper, they lay out their final proposals on the information that should be delivered to people approaching retirement and how it should look and feel. During 2015, there will be […]


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