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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.”

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