View more on these topics

Paymentshield cuts staff by 20 per cent

Paymentshield has issued redundancy notices to over 60 members of staff, representing 20 per cent of its workforce.

The mortgage payment protection insurance provider is culling staff numbers by 62 to 65 from its existing team of 300. Most of the staff are based in the firm’s Southport office.

A Paymentshield spokesman says: “Since Towergate took it under its wing there is some duplication. Redundancies notices have gone out, with some staff working their notice and some who have already left.”

He adds: “Paymentshield now hopes that the rest of them will go through natural wastage over time.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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