View more on these topics

InterBay Commercial to cut 25 jobs

InterBay has confirmed it will have to make 25 job cuts as it reviews its position in the market.

It says that it has continued to sustain a competitive product range and flexible criteria while several of its competitors have pulled back from the market.

InterBay says that this has now left it too exposed and with the financial markets not improving it will have to review its position.

Managing director Colin Bell says: “We have had to make some very difficult decisions. As the credit crunch extends into 2008, the financial landscape for lenders has changed. Intermediaries will understand that lenders have to be more cautious during this period of uncertainty. Many mortgage lenders have already taken corrective action and many more will do so in the coming weeks, but that does not make our decision any easier.

“The situation in the finance markets requires us to be prudent and scale back business volume for a few months. Regrettably, this is likely to lead to a reduction in head count of up to 25 staff. I have spoken with staff and will continue to consult with them over the coming weeks. We are extremely proud of our team and the possibility of losing good people, especially when they are successfully hitting target, saddens me greatly. However, we must take action now in order to protect the future of InterBay UK.

Bell adds: “InterBay has built a strong product and good relationships with intermediaries and we intend to remain a significant player in the specialist commercial mortgage market. Over the next few days we will be speaking with intermediaries to ensure we continue to support them and give them excellent service. Over the coming months we have to manage our business volumes and we will do this by reviewing our product and focussing our efforts on key business partners.

Recommended

Thoresen and TCF set to go live

There’s now only one week to go before Otto Thoresen launches his report on generic advice and we’re all interested to see what it contains.

The right way ahead

I am a regular reader of John Greenwood’s column and appreciate the insight he provides on industry issues but last week’s article on third-way products contained a series of inaccuracies that need to be addressed.

Offshore bonds create shelter for non-doms, says Killik & Co

Offshore bonds can be used to shelter non-domiciles’ assets against the tighter rules expected in the March 12 Budget, says Killik & Co. The current rules state non-doms living in the UK are taxed on their worldwide income on a remittance basis, but after April 6, this looks set to change. From that date, non-doms […]

Retirement - thumbnail

(Another) downhill stroll — retirement planning

A report published this morning by the CIPD (CIPD Employee Outlook March 2015) provides yet more interesting data to the changing landscape of retirement planning. It should be remembered that we are in a period of genuine flux here given that the default retirement age was scrapped three years ago, and new pension freedoms come online in April. Both of these alterations will have a huge impact on how employees plan for their retirement.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com