View more on these topics

Unity Homeloans to cull jobs as it outsources administrative and client support functions

Unity Homeloans has announced to the market that its board has decided to restructure the business and outsource administrative and client support functions.

This is likely to result in a number of redundancies at the lender although this has not yet been confirmed by Unity.

There has been speculation in the market that the lender was holding staff meetings last week in order to confirm the news. This comes despite Unity Homeloans confirming last month that it would be returning to the market with its former backer Investec.

Unity Homeloans was one of the first sub-prime lenders to withdraw from the market at the beginning of August.

In a statement, Unity Homeloans chief executive officer Paul Thomas says: “Unity is having to deal with the current market turmoil in the same way as many other lenders and this restructure is designed to provide continuity. We will complete a review of our origination strategy once the outsourcing is finished. ”


Recommended

Timberlake leaves in Standard shake-up

Standard Life head of media relations for life and pensions Peter Timberlake has left the firm after an internal restructure which meant his role was merged with another. Former head of corporate affairs for Standard Life Healthcare Paul Lynes takes on the newly created role of head of media and public affairs.

Ilott joins Fidelity multi-manager team

Paul Ilott has joined Fidelity’s multi-manager team as communications consultant. The newly created role will see Ilott work alongside the portfolio managers as well as relaying the team’s views on underlying managers and market condition to IFAs. Ilott has over 20 years experience in the financial services industry, most recently as Bates Investment Services head […]

The truth will out

Lord Lipsey’s admission that many pension and endowment policyholders may have been wrongly compensated will come as little surprise to advisers, who have paid the price of ‘false memory syndrome’. By John Lappin

Northern Rock may have borrowed almost £13bn from Bank of England

Northern Rock may have borrowed almost £13bn from the Bank of England, says New Star economist Simon Ward.“Other assets” on the BofE’s balance sheet rose by a further £2.3 billion in the week to October 10, bringing the total increase since the run on Northern Rock started to £12.9 billion. Ward says that this is […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment