60 Seconds with.....Mike Lazenby
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Do building society chiefs and directors get paid too much - £481,000 in your case?
The short answer is probably not. Some chief executives and directors work much longer and harder than others, and society members have an annual vote in deciding remuneration.
This year I imagine a number of society directors will give up their pay rises due to the economic situation. It would not be seen as socially acceptable and certainly Kent Reliance directors will not be taking any pay rises or bonuses because the economy is not doing well, despite the society having one if its best years.
You are an advocate of outsourcing abroad But with the recession wouldn’t those jobs be better here?
If we followed that logic we wouldn’t have as much food in our supermarkets, as many cars on our forecourts or most of the appliances in our homes. Most of these come from abroad. That being the case, what’s the problem in having back office services provided from another country? Ironically, having a lower cost base in our UK business means we are able to safeguard the jobs we have here.
If we were servicing everything in the UK the rates we offer would not be so good. If you asked 100 people in the street what they would prefer, better rates due to working in another country or worse rates due to working in the UK most would rather go for better rates.
What are your views on dual pricing?
It is absolutely unacceptable. Products should be priced in a way that is fair to everybody and they should be available to everyone. Dual pricing has hampered the broker sector. When they buy mortgage products most consumers want to have the opportunity to discuss it with somebody and have the full range available to them.
Product rationing isn’t good either. Lenders have to manage balance sheets to get the best returns but selecting certain brokers to get certain amounts of business is neither acceptable nor appropriate. When I walk down the high street and talk to a broker I want to be sure they have access to a whole range of products and services, not just ones they have because they are on somebody’s happy list.
What’s the craziest thing you’ve ever done to raise money for charity?
I once paid a ridiculous amount for a holiday on Richard Branson’s Necker Island. The toughest thing was being locked up in a police station with Lending Strategy’s John Murray. We raised a lot for www.quid4akid.com. It’s a tremendous charity that helps Indian orphans with Aids. Please donate now.
