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Seventy staff to be axed as Britannic restructures

Britannic Money is to cut around 70 staff as part of a restructuring of its business which it claims follows imp-rovements in technology.

It claims the move will be a strategic step which will place greater focus on its intermediary business next year.

Internal research shows that over last month 50 per cent of its agreements in principle have been executed online and that this greater efficiency has triggered the need to restructure.

Britannic Money argues the cuts will help it reduce its cost base significantly, which it hopes will enable it to offer IFAs more competitively priced products in 2002.

Chief executive Tony Ward says that by concentrating on its core business, Britannic will be equipped to hold market position in 2002, which he anticipates will be an even tougher time for lenders than recent years.

The lender says it will continue to specialise in flexible and innovative mortgages and the job losses illustrate its commitment to the intermediary channel at a time when the sector faces its biggest challenge as regulation, included in consultation paper 98 which puts increased responsibility on to lenders, is introduced.

The consultation to determine where the 70 job cuts will be made will last a minimum of 30 days.

Ward says: “This step uses our innovative developments in technology to deliver pro-cess efficiencies and remain focused on our strengths of product development and selling mortgages via intermediaries.”

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