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Abbot quits at Future Mortgages

Specialist lender Future Mortgages chief executive officer Mark Abbott has quit the company.

The company was taken over by American financial giant Citigroup in July 2000.

Future, a specialist non-conforming lender, has confirmed that Abbott resigned but will not discuss the reasons why and will only say discussions between both parties have been amicable.

No replacement has been named and Abbott will remain with the firm for an unspecified period of transition.

Industry sources say that as Future&#39s founder in 1996, Abbott views himself as an entrepreneur and may have been unhappy having to report to Citigroup&#39s American headquarters and work within a big corporate environment.

Citigroup had problems in the US last year when it was fined £136m for lending practices in its Associates First Capital Corporation subsidiary.

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