Stephen Smith has assumed control of Legal & General Mortgage Club in an internal restructure that will see current managing director Ben Thompson take on a new role looking after the group’s banking relationships.
Smith was previously director of housing and external affairs within L&G Network.
Thompson, who joined the mortgage club in 2007, will remain within the lending and banking market but with a greater group role.
Club director Jeremy Duncombe will continue with the day-to-day running of the club and will now report to Smith.
As part of the restructure, the mortgage club’s head of sales, Susan Pennington, and head of mortgage products Martyn Smith will leave the firm, with their responsibilities divided between the remaining senior staff within the mortgage division.
London & Country associate director of communications David Hollingworth says: “We have got some continuity here because Stephen is fairly well known in the market and Jeremy Duncombe has been at the club for some time now. I imagine it will be business as usual.”
In November, Legal & General Network appointed director of distribution Martin Noone to replace Duncan Crocker as managing director. The insurer announced in October 600 jobs were at risk following the restructure of its savings and protection business.