Lloyds' broker head seconded to branch network
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Peter Curran, head of intermediary distribution at Lloyds Banking Group, has been placed on secondment to Lloyds TSB.
The lender says the move will be temporary following the departure of Debbie McArdle, national director of mortgages for the Lloyds TSB and Bank of Scotland branch networks.
A replacement for her role has not been announced, so Curran has been asked to support the business for a short period of time and has been on secondment since the end of March.
A spokeswoman for Lloyds group says that in an organisation of its size, it’s not unusual for some staff to be asked to support other areas of the business for an interim period.
She says Mike Jones, mortgage sales director at Lloyds group, will take on some of Curran’s responsibilities in the meantime.
On Monday Mortgage Strategy revealed that Lloyds group has asked its three mortgage heads of sales and head of national accounts to reapply for their jobs as part of its streamlining of the business.
Ian Wilson, head of sales at Halifax, Phil Rickards, head of sales at Birmingham Midshires, and Kevin Purvey, head of sales at Cheltenham & Gloucester and Scottish Widows Bank, have all been asked to apply for their roles. Head of national accounts Maria Harris must also reapply for her position.
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Readers' comments (10)
Tim | 13 Apr 2011 3:37 pm
"As further demonstration of our commitment to the intermediary market we are tightening up our BM solutions interest-only lending criteria, reducing the number of BDMs & seconding a top executive to from intermediary support the branch network"
"Thanks Lloyds, love you too xx"
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Anonymous | 13 Apr 2011 4:31 pm
Yes Tim, but there are far fewer brokers out here now, and less business being written, so this is not really a surprise.
It's no different from some brokerages letting advisers or admin staff go.
Everyone has to cut their cloth, and this includes the big banks.
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Geoff | 13 Apr 2011 4:37 pm
This is clearly the banking version of the Chairman has every confidence in the manager , so watch this space.
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Luke Atkinson | 13 Apr 2011 5:59 pm
Anon @ 4.31 - don't be so naive, why would they need a broker head when they have no intention of using brokers going forward?
And why do people bother posting anonymously?! pointless.
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Bill Wells | 13 Apr 2011 8:26 pm
Who actually cares ?
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Steven Balmer | 14 Apr 2011 10:12 am
Yes Anon, and Lloyds have a made a great contribution to reducing broker numbers and continue to apply pressure through 1. C&G to brokers gone but introduced clients can be swallowed by direct offers now. 2. Duel pricing 3. Different approval decisions for direct cases 4. Slower processing systems for introduced cases 5. Account income and affordability verification, not for brokers of course 6. Higher LTV's for direct 7. Making broker BDM's apathetic and practically impotent 8. Government assisted programmes not available through brokers, need I go on? All the while claiming to continue support.
It has been clear since 2007 that an agenda to reduce the influence and market share of brokers has been underway and engineered at an executive level. This goliath should not exist and this dangerous and grossly unfair monopoly should be brought to an end quickly. How does this present situation contribute to competition, help the public or mortgage customers? How can this reduce risk to the banking sector?
This article highlights the pecking order brokers have been reduced to and I only hope that this secondment may take away an active player in the demise of the broker game which Lloyds HBOS have been playing and winning.
As for this lie of continued support, the expression of pissing in my face and telling me its raining is no doubt as crude as it is appropriate. Unlike some lenders out there I am honest and straight forward in all dealings and expect the same direct, transparent honesty in return. This is why I am so offended by these double standards and expect a lot of other brokers are too. If you think the public should be denied advice for high risk transactions, support this mentality as the FSA and other so called informed actors do, time will tell as clearly as history that you are wrong.
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Paul Weston | 14 Apr 2011 11:18 am
FAO Steven Balmer
Change is a continuous cycle, agreed. I dont understand your frustration and anger towards lenders. Brokers are no longer needed as much, its a fact, not a personal vendetor, same as you no longer need milk being delivered to your door, things move on. Also, how you can say lenders asking for ''Account income and affordability'' is a way of cutting brokers out is beyond me? This is how it should have always been. Are you telling me if you lend someone money, you don't want to see how they can pay it back? It seems clear to me you stuck in the old ages and need to move on and find other income streams.
Change is not without inconvenience, even from better to worse
The brokers I am friends with who are thriving and making the most of things, arent the ones who are bitter and leaving comments on here all the time.
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Luke Atkinson | 14 Apr 2011 12:30 pm
Steven Balmer - I couldn't have put it better myself.
Perhaps if Steven was the head of organisations such as the AMI, the voice of the broker would be heard.
All great points that anyone who knows anything about this industry must agree with??
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fred | 14 Apr 2011 3:35 pm
why do you never post comments in retaliation to brokers comments? You are a whole of market company arent you and not just brokers? Or are you trying to not upset the apple cart to keep your funding up?
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colin | 14 Apr 2011 5:48 pm
Luke...there will always be a need for a mortgage broker, granted that maybe a tad diminished right now, but when the tide turns the broker is the only way upscaling swiftly. The majority of the public do not wan to go to the bank for their mortgage or be dealing with a call centre in the Far East, or be constrained to 9-5 bookig 3 weeks ahead.
C&G is no great loss, a shame yes but hardly forcing brokers out of business, it was the poor relation in comparison to Halifax, and economically why would you run two brands of indentical nature.
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